Magellanic Cloud Establishes Subsidiary for UAV and Defence Technology Ventures
Magellanic Cloud Limited announced the incorporation of a Special Purpose Vehicle (SPV), MCRAY XTEND INDIA PRIVATE LIMITED, through a strategic collaboration with Rayonix Tech Private Limited. The move aims to enhance the company's participation in the rapidly expanding indigenous UAV and defence technology sectors in India.The SPV, named MCRAY XTEND INDIA PRIVATE LIMITED, was incorporated following a Strategic Investment and Collaboration Agreement signed between Magellanic Cloud Limited and Rayonix Tech Private Limited. The new entity is designed to undertake various activities related to unmanned aerial vehicle (UAV) technology, defence technology solutions, manufacturing, deployment, and associated business operations.
Through this strategic investment, Magellanic Cloud Limited will acquire a 60% stake in Mcray Xtend India Private Limited by subscribing to its paid-up equity share capital. Consequently, MCRAY XTEND INDIA PRIVATE LIMITED will become a subsidiary of Magellanic Cloud Limited.
The incorporation and subsequent investment are positioned to bolster the company’s efforts in the UAV and defence technology market. The objectives include enabling the company to undertake various UAV and defence technology projects, facilitating local manufacturing, deployment, and commercialization activities within India.
The transaction details confirm that the acquisition is structured as a cash consideration. Magellanic Cloud Limited will acquire 6,00,000 equity shares of MCRAY at a face value of Rs. 10/- each.
The transaction has been confirmed not to constitute a related party transaction, and neither the promoter nor the promoter group/group companies have any interest in the entity being acquired, other than potential shareholding interest in Magellanic Cloud Limited.
For quick reference regarding the key details of the acquisition and the resulting structure, the following table summarizes the material facts:
| Detail | Description |
|---|---|
| SPV Name | Mcray Xtend India Private Limited (MCRAY) |
| Incorporation Purpose | Execution of UAV and defence technology related projects |
| Nature of Consideration | Cash consideration |
| Shares Acquired | 6,00,000 equity shares |
| Face Value per Share | Rs. 10/- |
| Percentage Stake Acquired | 60% stake |
| Outcome | MCRAY becomes a subsidiary of Magellanic Cloud Limited |
| Industry Sector | Drone Technology |
| Related Party Status | Does not fall within the ambit of related party transactions |
MCLOUD Stock Price Movement
Today, Magellanic Cloud Limited shares edged higher, gaining 3.07% and settling at ₹25.85. The stock saw robust trading activity today, recording a total volume of 1.45 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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