The company board of Apollo Micro Systems Ltd has approved the allotment of equity shares on the conversion of warrants to the allottees. The company informed about the same through an exchange filing on Friday but the stock was trading range-bound after the announcement. The company board of Apollo Micro has approved allotment of 29,54,360 equity shares with a face value of Re 1 each to Nexpact upon conversion of 2,95,436 warrants at an issue price of Rs 186 each upon receipt of balance amount warrant exercise price aggregating to Rs. 4.12 crore, it said in the exchange filing. Nexpact was allotted a total of 19,00,000 warrants, out of which 2,95,436 were pending for the conversion. The allottee has now converted this holding into equity shares and now holds 1,90,00,000 equity shares or 6.73 per cent stake in the company. However, the conversion of warrants has been done on an adjusted basis, subsequent to the stock split of the company. An amount equivalent to 25 per cent of the warrant issue price has been received at the time of subscription and warrants were allotted. The balance 75 per cent shall be payable by the warrant holders on the exercise of warrants, said the company. The shares have now been allotted upon the payment of balance of 13.50 per warrant. Shares of Apollo Micro Systems rose slightly, about 2 per cent to Rs 123.70 on Monday, commanding a total market capitalization of more than Rs 3,150 crore. The scrip had previously settled at Rs 121.50 in the previous trading session on Friday. The stock has surged more than 430 per cent from its 52-week low at Rs 23.27, while it is down 24 per cent from its 52-week low at Rs 161.75. Apollo Micro Systems expanded into the design and development of systems and subsystems for electronic hardware and software for DRDO, DPSUs, and others. The Hyderabad-based defence player offers complete platform-level solutions, from the development stage to manufacturing, such as underwater mines, railways, automotive, and homeland security markets.
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