Business Update13 Aug 2024, 06:36 pm
Magellanic Cloud Ltd. Approves Rs. 500 Crores Capital Raise
AI Summary
Magellanic Cloud Ltd. announced that their Board of Directors approved a proposal to raise additional capital amounting to Rs. 500 crores through various methods such as Preferential Issue, Private Placements, Rights Issue, or any other methods or combinations permitted under applicable laws. This decision was made during a Board Meeting held on August 13, 2024, from 12:00 P.M. to 12:45 P.M. The capital raise will be subject to necessary regulatory and statutory approvals, including the approval of the company's shareholders.
Key Highlights
- Magellanic Cloud Ltd. to raise Rs. 500 crores in additional capital
- Capital raise to be executed through various methods including Preferential Issue, Private Placements, and Rights Issue
- The decision was made during a Board Meeting on August 13, 2024
- Proposal subject to regulatory and statutory approvals
- Shareholder approval also required for the capital raise