Magellanic Cloud was locked in an upper circuit of 5% at Rs 582.85 after the firm said that its board is scheduled to meet on Tuesday, 14 March 2023 to consider issue of bonus shares to the existing equity shareholders of the company.
The company will issue bonus shares in a ratio of 4:1, i.e. four fully paid up equity shares for every one equity share held as on the record date.The record date for issue of bonus shares has been fixed on Wednesday, 22 March 2023.
Magellanic Cloud added that it will implement the bonus issue within 15 days from the date of approval of the issue by its board of directors.
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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