Magellanic Cloud Ltd

Magellanic Cloud Ltd (Formerly known as South India Projects Ltd) was incorporated in December 04, 1981. The company is into the business of securities trading and investment.During the Financial Year 201415, the total issued and paidup Capital of the Company increased from Rs. 1,99,56,500/ to Rs. 3,03,33,880/ of face value of Rs. 10/ each pursuant to allotment 10,37,738 bonus shares of face value of Rs. 10/ each on 21st May 2014 at a ratio of 13:25 (i.e., thirteen equity shares for every twenty five equity shares already held) to the members of the Company.The Company received the listing approval from the BSE Limited vide their Notice No. 2015011919 dated 19th January, 2015 for the enlistment of entire equity and paidup share capital of 30,33,388 equity shares of the face value of Rs. 10/ each of the Company on the BSE Limited. Thus, the equity shares of the Company are presently listed on both The Calcutta Stock Exchange Ltd. CSE and BSE Limited BSE. During the financial year under review 2016, in order to diversify the business of the company the new object clause was inserted in Main object clause of the Company, to commence the Information Technology and software related businesses.During the financial year under review 201516, Mr. Joseph Sudheer Reddy Thumma and Mr. Jagan Mohan Reddy Thumma had entered into Share Purchase Agreement dated April 08, 2015 with the earlier Promoters/ Promoter Group of the Company to acquire in aggregate 1,229,346 equity shares of Rs. 10/ each representing 40.53% of the total equity and voting share capital of the Company at a price of Rs. 25/ per fully paidup equity share. The Open Offer was made for acquisition of more than 26% of the equity and voting share capital of the Company in compliance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.During FY 2016, the company granted loan of Rs 83,208,979 and complied with the provisions of section 186 of the companies Act, 2013.