Magellanic Cloud board approves about Rs 492 crore preferential issue of shares and warrants
MCLOUD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved preferential issue of 3.74 crore equity shares at Rs 30 each (about Rs 112 crore) to non-promoters and 12.67 crore convertible warrants at Rs 30 each (about Rs 380 crore). Total planned raise about Rs 492 crore from 42 allottees. Warrants convertible within 18 months with 25 percent upfront payment. Also approved merger of wholly-owned subsidiary IVIS International, no share dilution. NRI and OCI investment limit to rise from 10 percent to 24 percent. EGM on July 24, subject to shareholder approval.
Large preferential issue may dilute existing shareholders. Rs 492 crore raise could fund growth. Merger adds no new shares. Watch EGM outcome on July 24.