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Magellanic Cloud Limited will invest Rs 150 crore in a drone manufacturing facility
12-Aug-2026, 06:44
Magellanic Cloud Limited, formerly known as South India Projects Limited, clarified that proceeds from the preferential issue of 3,69,28,573 equity shares and 12,67,00,000 convertible warrants, approved by shareholders on July 24, 2026, will be utilized to invest Rs 150 crore in its newly incorporated subsidiary, MCRAY Xtend India Private Limited, for a drone manufacturing facility with technology from Xtend (Israel Company), Rs 100 crore for working capital, Rs 50 crore for repayment of borrowings, Rs 75 crore for research and development of drone technologies, Rs 100 crore for general corporate purposes, and Rs 15.89 crore for acquisition for inorganic growth opportunities.
Magellanic Cloud Limited, formerly known as South India Projects Limited, clarified that proceeds from the preferential issue of 3,69,28,573 equity shares and 12,67,00,000 convertible warrants, approved by shareholders on July 24, 2026, will be utilized to invest Rs 150 crore in its newly incorporated subsidiary, MCRAY Xtend India Private Limited, for a drone manufacturing facility with technology from Xtend (Israel Company), Rs 100 crore for working capital, Rs 50 crore for repayment of borrowings, Rs 75 crore for research and development of drone technologies, Rs 100 crore for general corporate purposes, and Rs 15.89 crore for acquisition for inorganic growth opportunities.