Apollo Micro's stock up by more than 8% today

14 Oct 2022 , 03:19 PM

After the company's board approved the issuance of warrants to promoters and non-promoter group members on a preferential basis on Friday, shares of Apollo Micro Systems jumped 10% to Rs 237.75 on the BSE. The price of the defense company's shares has increased for three days in a row and has increased 34% overall during that time. Since April 2018, it had been quoting at its highest level.

On Thursday after market close, Apollo Micro Systems said that its board had approved the issuance of up to 10.10 million warrants, each of which might be converted into one equity share within 18 months. According to the company's exchange filing, it would issue warrants for a total of up to Rs185.13 crore at a price of Rs183.30 per warrant.

25% of the total issue size must be called upfront from the proposed allocators upon the issuance of warrants. Mr. Karunakar Reddy Baddam, Promoter and Managing Director of Apollo Micro Systems would get 4.62 million warrants from the firm. The business announced that it will issue 1.2 million warrants to Maybank Securities Pte. Ltd. and 1.9 million warrants to Nexpact Limited, Mauritius.

The stock beat the market in the previous month as shares increased by 49% compared to the S&P BSE Sensex's 3.5% decrease. In addition, the stock increased by 80% in the last three months, compared to a 9% increase in the benchmark index.

Electronic, electromechanical, engineering design, production, and supply firm Apollo Microsystems. It works with government-controlled public sector organizations, the commercial sector, and the defense ministry to design, develop, and sell high-performance, mission- and time-critical products.

Aside from that, the company has also taken part in a number of domestic missile programs, underwater electronic warfare, underwater missiles, surface-to-air missiles, nuclear missile programs, surface-to-surface missile programs, domestic submarine programs, long- and short-endurance unmanned aerial vehicles, ships, and space programs.

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