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Magellanic Cloud Approves Group Restructuring, Preferential Issue

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Magellanic Cloud (BOM:538891, NSE:MCLOUD) has approved the amalgamation of its wholly owned subsidiary IVIS International with the company, with no cash or share consideration involved and no change in the overall shareholding pattern.

The board also approved plans to raise capital through the issuance of 37.4 million equity shares and 126.7 million convertible warrants on a preferential basis to promoters and non-promoters, subject to shareholder and regulatory approvals, according to a filing with the National Stock Exchange of India and BSE on Thursday.

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