Magellanic Cloud Limited , a prominent player in the technology sector, has reported a significant corporate action involving its promoter, Joseph Sudheer Reddy Thumma. According to the latest disclosure, Thumma has created pledges on a substantial portion of his shareholding in the company.

Pledge Details

The pledges, created between October 28-29, 2025, involve a total of 45,133,182 shares, representing 7.72% of the company's share capital. This move appears to be part of a strategy to secure loans, with the pledged shares serving as collateral.

Breakdown of Pledged Shares

The pledges have been created with various entities, as detailed in the following table:

Promoter Shareholding

Joseph Sudheer Reddy Thumma, who is a key promoter of Magellanic Cloud Limited, holds a significant stake in the company:

• Total shares held: 231,541,120
• Percentage of total share capital: 39.62%

It's worth noting that other promoters of the company, including Jagan Mohan Thumma and Dennis Reddy Thumma, also have existing encumbrances on their holdings.

Implications

While share pledging is a common practice among promoters to raise capital, it can sometimes be viewed as a potential risk factor by investors. The pledging of shares by promoters may be closely watched by market participants, as any default on the associated loans could potentially lead to a change in shareholding pattern or impact stock price volatility.

Company Background

Magellanic Cloud Limited, formerly known as South India Projects Limited, is a technology company with operations spanning across various subsidiaries in India, the USA, and Canada. The company's board recently approved its unaudited financial results for the quarter and half-year ended September 30, 2025, demonstrating its ongoing commitment to transparency and regulatory compliance.

Investors and stakeholders are advised to monitor further developments and disclosures from the company regarding this share pledge and its potential implications on the company's financial strategy and governance.

Magellanic Cloud Limited, an IT and IT-related services provider, has announced its financial results for the quarter and half-year ended September 30, 2025, along with significant changes to its board committees.

Financial Performance

The company reported mixed financial results for the quarter:

All figures are in lakhs of Indian Rupees. While the standalone revenue shows modest figures, the consolidated revenue indicates a stronger performance across the group's entities.

Board Committee Restructuring

Effective November 5, 2025, Magellanic Cloud has reconstituted four key committees:

1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholder Relationship Committee
4. Risk Management Committee

All four committees now share a common structure:

This restructuring aims to enhance corporate governance and oversight across critical areas of the company's operations.

Management Changes

The company also disclosed that its Chief Financial Officer resigned, effective October 15, 2025.

Company Overview

Magellanic Cloud Limited operates primarily in the IT and IT-related services sector. The company received NSE listing approval in February 2025, marking a significant milestone in its corporate journey.

Auditor's Review

S G C O & Co. LLP, the company's auditors, conducted a limited review of the unaudited standalone and consolidated financial results. They reported no material misstatements in the financial information disclosed by the company.

The board meeting discussing these matters commenced at 3:00 P.M. (IST) and concluded at 5:30 P.M. (IST) on November 5, 2025.