Magellanic Cloud Revisits Merger with IVIS International, Cancels Previous Scheme

Magellanic Cloud Ltd has announced the cancellation of its previous merger scheme with IVIS International Private Limited. The company is now considering a fresh merger scheme with IVIS International. This development comes after Magellanic Cloud acquired 100% shares of IVIS International in 2022 for approximately ₹290.28 crore. The original merger, planned to be effective from April 1, 2024, aimed to streamline operations and leverage IVIS's expertise in AI/ML-enabled surveillance systems. IVIS contributes nearly 25% to Magellanic Cloud's consolidated revenue. The company is expected to provide further details on the new merger scheme in upcoming announcements.

 

Source: Compiled from recent BSE filings, company announcements, and financial reports