Magellanic Cloud Limited has published a newspaper advertisement on July 03, 2026, confirming its Extra Ordinary General Meeting (EGM) scheduled for July 24, 2026, via video conferencing. The advertisement, published in Business Standard (English) and Mana Telangana (regional language), seeks shareholder approval for a preferential allotment of equity shares and convertible warrants aggregating ₹492.39 crore. The issue involves 3,74,28,573 equity shares and 12,67,00,000 convertible warrants at an issue price of ₹30 each, comprising a face value of ₹2 and a premium of ₹28.

The Board of Directors approved the fund raise on June 25, 2026, pursuant to Section 42 and 62 of the Companies Act, 2013. The convertible warrants are exercisable within 18 months of allotment, and 25% of the warrant value is payable upfront, with the balance due upon conversion. The company has appointed Brickwork Ratings as the monitoring agency to oversee the utilization of proceeds exceeding ₹100 crore, in compliance with SEBI (ICDR) Regulations, 2018. The relevant date for pricing determination is June 24, 2026, based on the higher of the 10-trading day and 90-trading day volume weighted average prices on the National Stock Exchange of India Limited.

EGM Resolutions

The EGM will seek shareholder approval on three key resolutions. These include the preferential allotment of equity shares and convertible warrants, an increase in the aggregate ceiling for Non-Resident Indians (Repatriable) and Overseas Citizens of India from 10% to 24%, and approval for transactions under Section 185 of the Companies Act, 2013 with MCRAY Xtend India Private Limited, Scandron Private Limited, and Motivity Labs Private Limited.

Objects of the Issue

The company plans to deploy the funds across specific strategic initiatives. The allocation includes ₹150 crore for the Phase-1 Drone Project in Hyderabad, ₹150 crore for working capital and debt repayment, ₹75 crore for research and development of drone and Counter-UAV technologies, and ₹100 crore for general corporate purposes. An additional ₹17.39 crore is earmarked for strategic acquisitions and technology investments.

Scheme of Amalgamation

The merger scheme involves IVIS International Private Limited as the transferor company and Magellanic Cloud Limited as the transferee company. As the transferor is a wholly-owned subsidiary, no new shares will be issued, and the existing shareholding pattern remains unchanged. The appointed date for the scheme is April 1, 2026, pending necessary statutory and regulatory approvals, including sanction by the National Company Law Tribunal.

*Net worth as per Companies Act 2013. **Revenue from Operations.

EGM and Voting Details

The EGM will be held via video conferencing on July 24, 2026, at 12:00 noon IST. The cut-off date for determining eligibility to vote is July 17, 2026. Remote e-voting commences on July 21, 2026, at 09:00 a.m. IST and concludes on July 23, 2026, at 05:00 p.m. IST. Shareholders can vote through their depository accounts using CDSL or NSDL e-voting systems. The EGM notice has been sent to eligible members by email on June 19, 2026, and is also available on the company's website at www.magellanic-cloud.com .

Magellanic Cloud Limited 's wholly-owned subsidiary, IVIS International Private Limited, has received a non-binding Letter of Intent (LOI) from Manappuram Finance Limited for AI-powered e-surveillance services. The proposed engagement covers the supply, installation, commissioning, and centralized monitoring of security infrastructure across approximately 1,000+ branches of Manappuram Finance. This development marks a significant milestone for IVIS in expanding its presence within the BFSI segment, specifically with one of the country's largest gold loan institutions.

Scope of Engagement

The LOI outlines a comprehensive service offering utilizing IVIS' AI-powered Command & Control Centre (CCC) platform. The solution is designed to deliver intelligent surveillance, real-time event monitoring, automated alert handling, and centralized branch visibility. Additionally, the scope includes vault operations monitoring and end-to-end maintenance of the security infrastructure. The deployment is scheduled to be executed in a phased manner, contingent upon the issuance of Purchase Orders and the execution of definitive agreements.

Key Parameters

Strategic Implications

Securing the LOI from a major financial institution highlights the growing industry confidence in IVIS' AI-enabled surveillance capabilities. The engagement addresses critical needs in the BFSI sector, such as proactive threat detection and real-time operational visibility for high-value secured assets. While the LOI represents a step towards a long-term business relationship, it is expressly non-binding and does not constitute a contractual or financial commitment at this stage. The final scope, commercial terms, and project timelines will be determined upon the execution of definitive agreements.