Magellanic Cloud Limited has informed the Exchange regarding 'Annoucement under Regulation 30 of SEBI(LODR) Regulations, 2015'.
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Awaiting price reaction for this filing.
Magellanic Cloud Limited's wholly owned subsidiary, Provigil Surveillance Limited, has secured a purchase order worth approximately Rs. 31 crores (basic value). The order is for implementing the 2nd Phase of E-surveillance systems covering around 740 ATM sites. The contract spans a period of five years. The company clarified that the order is not a related party transaction and no promoter or group company has any interest in the awarding entity. This follows a previous communication dated 13th March 2023 regarding the subsidiary's business.
This is a meaningful order win for the company's surveillance subsidiary, providing multi-year revenue visibility. The Rs. 31 crore contract over 5 years strengthens the order book and validates the subsidiary's capability in the ATM e-surveillance space, which is likely to be viewed positively by investors.