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.

Magellanic Cloud Limited has approved a preferential allotment of equity shares and convertible warrants aggregating ₹492.39 crore to 42 investors alongside the amalgamation of its wholly-owned subsidiary, IVIS International Private Limited. The Board of Directors sanctioned the issuance of 3,74,28,573 equity shares to non-promoters and 12,67,00,000 convertible warrants to the promoter group and non-promoters at an issue price of ₹30 each. The company aims to enhance financial stability and integrate surveillance operations through these strategic moves, subject to shareholder approval.

The Board meeting held on June 25, 2026, approved the fund raise pursuant to Section 42 and 62 of the Companies Act, 2013. The issue price comprises a face value of ₹2 and a premium of ₹28. The convertible warrants are exercisable within 18 months of allotment. Additionally, the Board approved increasing the aggregate investment ceiling for Non-Resident Indians (Repatriable) and Overseas Citizens of India from 10% to 24%.

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.

Key Approvals and EGM Details

The company can provide loans, guarantees, or security up to ₹150 crore each to subsidiaries MCRA Y Xtend India Private Limited, Scandron Private Limited, and Motivity Labs Private Limited under Section 185 of the Companies Act, 2013. An Extra Ordinary General Meeting (EGM) is convened on July 24, 2026, via video conferencing to seek member approval for these resolutions. The cut-off date for determining eligibility to vote by electronic means is July 17, 2026.