Apollo Micro Systems shares have been on an uptrend for the last two straight sessions. The defence and aerospace stock has been touching the upper circuit for the previous two sessions after the company board declared the allotment of preferential shares worth ₹264 crore. Apollo Micro Systems share price today opened with an upside gap at ₹118.50 and touched an intraday high of ₹123.19 apiece within a few minutes of the Opening Bell.
Apollo Micro Systems news
The defence company informed the Indian stock market exchagnes about the preferential share allotment saying, “wish to inform you that the Board of Directors of the company, at its meeting held today i.e., Tuesday, 23rd July 2024 at the registered office of the Company have, inter alia considered and approved, to issue upto 2,45,00,700 (Two Crores Forty Five Lakhs and Seven Hundred only) warrants of the Company each convertible into, or exchangeable for, one Equity Share of Face Value Re.1/- (Rupee One only) each within the period of 18 (Eighteen Months) in accordance with the applicable law (“Warrants”) at a price of ₹ 108/- (Rupees One Hundred and Eight Only) each (including the warrant subscription price and the warrant exercise price) aggregating upto ₹ 264,60,75,600/- (Indian Rupees Two Hundred Sixty Four Crores Sixty Lakhs Seventy Five Thousand and Six Hundred Only) to Promoter Group and to certain identified NonPromoter Persons or Entities (“the Proposed Allottees”, enclosed as Annexure I) by way of preferential issue on a private placement basis, in accordance with the provisions of Section 42 and Section 62(1)(c) of the Companies Act, 2013, as amended (“Act”) read with Companies (Prospectus and Allotment of Securities) Rules, 2014, as amended (“Rules”), Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Listing Regulations and such other acts / rules / regulations as maybe applicable and subject to the approval of the regulatory/ Statutory Authorities and the members of the Company (“Warrants Issue”). Upon issue of Warrants in accordance herewith, an amount equivalent to 25% (Twenty-Five per cent) of the total issue size shall be called upfront from the proposed allottees.”
The defence and aerospace company also declared the Extraordinary General Meeting of the Members of the Company on Friday, August 16th, 2024, through videoconferencing and/or other audio-visual means.
The company board also fixed 9 August 2024 as the cut-off date for determining the eligibility of the Members entitled to vote at the ensuing Extraordinary General Meeting of the Company by electronic means or in the general meeting scheduled to be held on Friday, 16 August 2024, through videoconferencing and/or other audiovisual means.
In mid-July 2024, the defence informed Indian stock market exchanges on Friday last week that it had received the Make II project for procuring a Vehicle Counter Swarm Drone System from the Indian Army. The company said it was the defence company’s first Make II project award. The company said there would be no cost involvement in this Make II project.
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