Apollo Micro Systems completes preferential allotment of equity shares, convertible warrants; shares gain

Apollo Micro Systems completes preferential allotment of equity shares.

Apollo Micro Systems said it has completed the preferential allotment of equity shares and convertible warrants to its promoter group, a board member and LIC Mutual Fund.

The Hyderabad-based company, which caters to aerospace, defence and homeland security sectors, said it allotted 2.70 crore equity shares at Rs 114 apiece, aggregating to Rs 308 crore. It also issued 3.80 crore convertible warrants at the same price, with 25 percent subscription amounting to Rs 108.5 crore being received upfront.

The remaining Rs 325.5 crore from the warrant issue is expected to be realised over the next six months, the company said in a regulatory filing.

As part of the allotment, the promoter group subscribed to 1.68 crore convertible warrants. Non-executive director Aditya Kumar Halwasiya was allotted 15 lakh equity shares and 15 lakh convertible warrants, while LIC Mutual Fund received 26.31 lakh shares.

The company plans to utilise the capital raised for working capital needs, innovation-driven R&D, and growth initiatives focused on high-technology, mission-critical systems.

Earlier this week, Apollo Micro Systems said it secured an export order worth Rs 114 crore for the development of an avionic system.

Shares of the company traded higher on Thursday to quote at Rs 206.23 per share on the NSE, up 1.58 percent.

(PTI Inputs)

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