Share Market News: Apollo Micro Systems Shares in Focus as Company Approves Conversion of Warrants

Share Market News: Defence company Apollo Micro Systems has informed exchanges that its board has finalised the allotment of 76 lakh equities upon the conversion of warrants. According to an exchange filing, the board of directors of the Hyderabad-based company approved the allotment of 76,24,700 equity shares of Re 1 each, upon conversion or exchange of warrants.
“Consequently, the issued and paid up capital of the Company stands increased to Rs 30,64,89,560 consisting of 30,64,89,560 equity shares of Re 1 each,” it said. Earlier, the board of directors of Apollo Micro Systems Ltd approved the allotment of approved the allotment of 98.85 lakh convertible warrants.
“This is in furtherance to the intimation given by the Company on 5th December 2022 w.r.t. allotment of 98,85,070 (Ninety Eight Lakhs Eighty Five Thousand and Seventy) warrants, each convertible into, or exchangeable for, one equity share of face value of Re. 10/- each [now convertible into 10 equity shares of face value of Re. 1/- each pursuant to the shareholders approval for Sub – division of every 1 (One) equity share of face value of Rs 10/- (Rupees Ten only) each into 10 (Ten) equity shares of the face value of Re 1/- (Rupee One only) each, with effect from the record date Thursday, 4th May 2023] (“Warrants”) at an issue price (“Warrant Issue Price”) [including the warrant subscription price (Rs. 46.50 per warrant) and the warrant exercise price (Rs. 139.50 per warrant)] of Rs. 186.00 each (Rupees One Hundred and Eighty-Six only) on preferential basis to 24 allottees (“warrant holders”),” Apollo Micro Systems had stated in a stock exchange filing.
Meanwhile, benchmark equity indices Sensex and Nifty began the trade on an optimistic note on Wednesday after facing heavy drubbing in the previous trade as value-buying at lower levels led to an uptrend in the markets.
Making a strong comeback after Tuesday’s sharp decline, the 30-share BSE Sensex jumped 948.83 points to 73,027.88 in early trade. The NSE Nifty went up by 247.1 points to 22,131.60.