Magellanic Cloud to hold EGM on July 24, 2026, to approve preferential issue and NRI/OCI investment limit hike
Magellanic Cloud Limited will hold an EGM on July 24, 2026, to approve the issue of 3.74 crore equity shares and 12.67 crore warrants at ₹30 each. The company also plans to raise the NRI/OCI investment limit to 24% and approve loans up to ₹150 crore to subsidiaries. E-voting is from July 21-23, 2026.
The preferential issue involves a substantial amount of capital raising through equity shares and warrants, which can significantly impact the company's capital structure, funding capabilities, and future growth prospects. The increase in investment limits for foreign investors also suggests a strategy to broaden the investor base.
The announcement details a significant preferential issue of equity shares and convertible warrants, along with an increase in investment limits for NRIs/OCIs. These actions are generally viewed positively as they indicate capital raising and potential expansion.
Magellanic Cloud Limited has announced an Extra-Ordinary General Meeting (EGM) scheduled for Friday, July 24, 2026, at 12:00 noon IST. The meeting will be conducted through Video Conferencing (VC) / Other Audio Visual Means (OAVM).
The primary agenda for the EGM is to consider and approve a preferential issue of 3,74,28,573 Equity Shares at an issue price of ₹30 per share and 12,67,00,000 Convertible Warrants at an issue price of ₹30 per share. The total amount raised from the equity shares will be ₹112.29 crore (112,28,57,190), and from the warrants will be ₹380.10 crore (380,10,00,000).
Additionally, the EGM will seek approval to increase the aggregate investment limit for Non-Resident Indians (NRI) and Overseas Citizens of India (OCI) from 10% to 24% of the total paid-up equity share capital. The company also plans to approve transactions under Section 185 of the Companies Act, 2013, allowing loans or guarantees up to ₹150 crore to specific entities.
E-voting will commence on Tuesday, July 21, 2026, at 9:00 a.m. IST and conclude on Thursday, July 23, 2026, at 5:00 p.m. IST. The cut-off date for e-voting is Friday, July 17, 2026.
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Magellanic Cloud Limited filed this with the NSE as a statutory disclosure, categorised under egm. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Magellanic Cloud Limited. Read the original for the full detail.