Magellanic Cloud jumps as board OKs 45-cr preferential issue

Magellanic Cloud gained 3.74% to Rs 554.50 after its board approved allotment of 11,33,500 equity shares aggregating to Rs 44.77 crore on preferential basis.

The company's board approved preferential issue of upto 11,33,500 equity shares of face value of Rs 10 per share at an issue price of Rs 395 per share, to strategic investors being non-promoters.

After allotment of the aforesaid equity shares, the paid-up equity share capital of the company increased to Rs 29,21,97,560 from Rs 28,08,62,560.

Magellanic Cloud works in the digital space. It connects excellent technology and their implementation processes on worldwide basis. Magellanic Cloud is represented by multiple brands with office locations in Europe, USA and Asia and delivers a wide scope of solutions to practically anywhere in the world.

The company reported 341.5% surge in consolidated net profit to Rs 17.35 crore on 104.4% jump in net sales to Rs 132.76 crore in Q3 FY23 over Q3 FY22.

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