Apollo Micro Systems gets NSE, BSE nod to issue Convertible Warrants on Preferential Basis

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Stock market news: Hyderabad-based defence firm Apollo Micro Systems Ltd (AMSL) has received in-principle approval from both the National Stock Exchange (NSE) and BSE for the issuance of equity shares and convertible warrants through a preferential allotment.
According to the company, the approval covers the issuance of 3,11,05,210 equity shares of face value Re 1 each, at a price not lower than Rs 114 per share, to non-promoter entities. Additionally, AMSL will issue 3,80,67,059 warrants, each convertible into one equity share of Re 1.
As part of the approval process, the NSE has advised the company to enhance its internal controls to monitor trading activity by the proposed allottees, to prevent any regulatory violations.
Further, the exchange instructed AMSL to obtain a written undertaking from the allottees confirming they will refrain from intra-day trading or selling any shares of the company until the date of allotment, in accordance with SEBI (ICDR) Regulations. AMS Share Price Update
Despite opening strong on Tuesday, Apollo Micro Systems' shares saw some profit booking. The stock opened at Rs 140.95 on the BSE (previous close: Rs 140.25), but later slipped to a low of Rs 134.65. At last check, it was trading at Rs 135.45. Stock Performance
The stock has given a multibagger return of 309 per cent in two years and 1,019 per cent in three years. The counter has gained 12 per cent so far this year.
The 52-week high of the stock is Rs 157 and the 52-week low is Rs 88.10. The market cap of the company is Rs 4,140 crore. Recent Developments
In a recent strategic move, AMSL signed a Memorandum of Understanding (MoU) with state-run Munitions India Ltd to co-develop defence systems for domestic and international markets. Under the MoU, both companies will collaborate on the design, development, and deployment of advanced defence technologies.

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