Magellanic Cloud Issues Corrigendum for EGM, Updates Preferential Issue Details and Share Count
Magellanic Cloud Ltd., formerly known as South India Projects Limited, has issued a corrigendum regarding its Extra Ordinary General Meeting (EGM) scheduled for July 24, 2026. The document provides significant clarifications and updates concerning the preferential allotment of shares and convertible warrants.The EGM Notice, originally dated June 25, 2026, was communicated to shareholders via email on July 02, 2026. The corrigendum forms an integral part of the original notice.
EGM Voting Schedule Details
Magellanic Cloud Ltd. has set out a specific schedule for the e-voting process in conjunction with the upcoming EGM.| Cut off date for e-voting | Friday, July 17, 2026 |
|---|---|
| E-voting commencement date | Tuesday, July 21, 2026, at 09:00 a.m. (IST) |
| E-voting conclusion date | Thursday, July 23, 2026, at 05:00 p.m. (IST) |
| EGM date and time | Friday, July 24, 2026, at 12:00 noon (IST) |
Changes to Preferential Issue Allotment
The corrigendum details several modifications to the preferential issue previously announced. The allotment of shares now reflects a reduction in both total equity shares and the overall issue size.Due to an observation during the review process, Ms. Priti Anuj Badjate, who was listed as a proposed allottee, is disqualified from receiving shares under the preferential allotment. This disqualification resulted from her having sold company equity shares within the 90 trading days preceding the Relevant Date (June 24, 2026), leading to a reduction in the total number of Equity Shares and the corresponding issue size.
The updated figures for the preferential issue are:
- Total Equity Shares to be issued: 3,69,28,573
- Total Issue size w.r.t. 'Equity Shares': Rs. 110,78,57,190/-
Updated Objects of the Preferential Issue
The company has provided a revised statement regarding the utilization of proceeds from the preferential issue, modifying the original objectives to reflect specific corporate needs and growth areas. The updated objects are listed below:| Sr. No. | Objects of the Issue | Amount ( ₹ in Crore) | Timeline |
|---|---|---|---|
| 1 | To invest/ infuse funds in newly incorporated subsidiary MCRAY Xtend India Private Limited for developing a drone manufacturing facility (Phase-1 Drone Project). | 150.00 | 24 Months |
| 2 | Funding the Company's incremental working capital requirements, supporting existing order books, and meeting operational needs. | 100.00* | 18 Months |
| 3 | Repayment/pre-payment of existing borrowings and other indebtedness. | 50.00* | 18 Months |
| 4 | To carry on research, development, design, integration, testing, and commercialization activities related to Drone and Counter-UAV technologies. | 75.00 | 24 Months |
| 5 | General Corporate Purposes. | 100.00 | 18 Months |
| 6 | Strategic acquisitions, technology acquisitions, investments, joint ventures, and purchase of businesses/assets. | 15.89 # | 24 Months |
| Total | 490.89 # |
The objects related to working capital and debt repayment have been demerged, and the original amount has been bifurcated across these items.
Key Allotment Clarifications and Status Changes
The corrigendum also contains several important updates concerning the allotment categories and holdings of proposed allottees:Allotment Consolidation:
It was clarified that two entries—one for Mr. Vangala Reddy (Sr. No. 6) and one for Mr. Bharat Kumar Reddy Vangala (Sr. No. 9)—refer to the same individual, leading to a single allotment record.
Promoter Intentions:
Regarding the intention of the promoter group, the company noted that Mrs. Manjula Thumma, spouse of Mr. Joseph Sudheer Reddy Thumma (Chairman & Managing Director), has expressed her intention to subscribe to the Convertible Warrants proposed under the Preferential Issue and is proposed to be classified as a member of the Promoter Group. No other Promoters, Directors, Key Managerial Personnel or Senior Management intended to subscribe to the offer.
Shareholding Pattern:
The table detailing the shareholding pattern before and after the preferential issue shows that following the allotment of 3,69,28,573 Equity Shares, the Promoter's Holding remains at 34,58,38,836 shares, representing 45.95% (assuming conversion of all convertible warrants). Non-promoters’ holdings increased significantly to 7,45,85,375 shares, equating to 9.91%.
Ultimate Beneficial Owner Details:
The identity and proposed allotment details for various non-promoter and promoter group members were provided in the corrigendum, confirming that PMC Fincorp Limited is a listed company on BSE Ltd., rendering its UBO status not applicable in this context.
MCLOUD Stock Price Movement
Today, Magellanic Cloud Limited saw its stock rally as it settled at ₹28.49, following gains of 0.99%. The company’s shares traded in heavy volume, with 2.15 million shares changing hands throughout the trading day.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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