Magellanic Cloud surged 4.70% to Rs 639.75 after the company said that its board has approved issuing 3 bonus equity shares for each share held (3:1).
The company has set the record date on 22 March 2023 for the same purpose. The bonus shares will be credited/dispatched within 15 days from the date of board approval i.e. on or before 27 March 2023.The paid-up equity share capital will increase to Rs 1,16,87,90,240 post-bonus issue from Rs 29,21,97,560 as on date.
The bonus equity shares will be issued out of general reserves, retained earnings and securities premium account of the company available as at 30 September 2022, which stands at Rs 98.22 crore.
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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