Magellanic Cloud Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on Jun 10, 2025
MCLOUD · price
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Magellanic Cloud Limited has called an Extraordinary General Meeting on June 10, 2025 (12:00 PM via video conferencing) to seek shareholder approval for acquiring 100% stake in Finoux Solutions Private Limited (FSPL), a Mumbai-based fintech serving the BFSI sector with operations across 6 global markets. The deal is structured as a share swap, where Magellanic will issue 46,72,000 equity shares of Rs. 2 face value at Rs. 75 per share (total ~Rs. 35.04 crore) to the four existing promoters of FSPL — Sanjay Sarkar (34%), Runa Shah (23%), Praveen Nair (23%), and Pankaj Maste (20%). Post-acquisition, Magellanic will become the holding company of FSPL, marking a strategic move into the BFSI/fintech technology space. E-voting window is June 7-9, 2025, with cut-off date of June 3, 2025.
This is a share-swap acquisition — no cash leaves the company, but existing shareholders will see dilution as 46.72 lakh new shares are issued (~Rs. 35 crore worth). The move diversifies Magellanic into the high-growth BFSI fintech space, but success depends on shareholder approval and FSPL's ability to scale. Stock may see short-term volatility around the EGM outcome and allotment pricing of Rs. 75 acts as a key reference level.