Shares of aerospace and defence company Apollo Micro Systems Ltd (AMSL) are in focus today as the company has informed exchanges that its board of directors has considered and approved the allotment of 2.70 crore equity shares on a preferential basis. The counter opened in the green today at Rs 198.55 on the BSE against the previous close of Rs 197.20. It further reached the high of Rs 201, a gain of 1.92 per cent from the last trading price. However, it fell later amid profit booking and touched the intraday low of Rs 191. Last seen, it was trading at Rs 196.25.
Earlier on Monday, the stock hit a fresh 52-week high of Rs 202. The 52-week low of the counter is Rs 88.10.
Issue Price of Equity Shares
According to the company's information, the issue price of these equity shares is Rs 114 each, including a Premium of Rs 113 per share. This aggregates to 308.28 crore. "The company has received subscription money of Rs. 308,28,89,916/—against the issue of 2,70,42,894 Equity Shares," the filing reads.
Convertible Equity Warrants
The board has also approved the allotment of 3.80 core convertible equity warrants on a preferential basis at an issue price of Rs 114, aggregating to Rs 108.4 crore.
Signs MoU with Munitions India
Earlier, the company signed an agreement with state-owned Munitions India to develop defence systems in the domestic and international markets jointly.
"As part of the Memorandum of Understanding (MoU), both entities will identify and pursue opportunities for the design, development, and deployment of advanced defence technologies," the company said in a regulatory filing.
The Hyderabad-based company has also inked a pact with Troop Comforts. The agreement involves joint manufacturing, marketing, and development of advanced air-defence systems, including anti-drone and anti-aircraft solutions.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)