Defence Stock: Apollo Micro Systems Raises Over Rs 416 Crore Via Equity Shares, Warrants

Apollo Micro Systems, a leading technology-driven firm in the aerospace, defence, and homeland security sectors, on Wednesday announced the completion of its preferential allotment of equity shares and convertible warrants, raising a total of over Rs 416 crore.

The allotments were made to the promoter group, Non-Executive Director Aditya Kumar Halwasiya and LIC Mutual Fund.

In a statement, the company said the preferential issue involved 2.70 crore equity shares allotted at Rs 114 each, aggregating to Rs 308 crore, along with 3.80 crore convertible equity warrants issued at the same price, with 25 per cent upfront subscription, aggregating to Rs 108.5 crore in initial proceeds.

Also Read: Adani Group News: Adani Airports Clinches $750 Million Global Financing To Power Next Phase Of Growth

An additional Rs 325.50 crore is anticipated within six months as the rest 75 per cent of the convertible warrants' proceeds.

As part of the preferential issue, the promoter group has subscribed to 1.68 crore convertible equity warrants. Halwasiya was allotted 15 lakh shares and an additional 15 lakh convertible equity warrants, and LIC Mutual Fund participated with an allotment of 26.31 lakh shares.

Also Read: Stock Market Today: Sensex, Nifty Climb In Early Trade On Fresh Foreign Fund Inflows, Buying In Reliance

The capital raised will be deployed towards growth initiatives, working capital requirements, and strengthening the company's innovation capabilities in high-tech and mission-critical solutions.

Disclaimer: This story has been directly published from the agency feed (PTI). No changes have been made except the headline.