EGM: Preferential share issue approved; Section 185 loans rejected

Magellanic Cloud held an EGM on July 24, 2026. Shareholders approved (1) issue of about 3.69 crore equity shares and 12.67 crore convertible warrants on a preferential basis, with 90.22 percent votes in favour, and (2) raising the NRI and OCI investment ceiling from 10 percent to 24 percent, with 90.27 percent in favour. However, Resolution 3 seeking approval under Section 185 for transactions with MCRAY Xtend India, Scandron and Motivity Labs failed, with only 14.99 percent in favour and 75.27 percent votes declared invalid, as related parties likely abstained.