English
Stock Market News: Shares of Apollo Micro Systems went up by around 2 percent on Monday and was trading at Rs 123.70. The scrip had previously settled at Rs 121.50 in the previous trading session on Friday. However, it lost early gains and fell 1.36 percent to end the session at Rs 119.85. The stock has surged more than 430 percent from its 52-week low at Rs 23.27, while it is down 24 percent from its 52-week low at Rs 161.75.
Meanwhile, the board of directors of Apollo Micro Systems Ltd has approved the allotment of equity shares on the conversion of warrants to the allottees. According to an exchange filing, the company has 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”),” said Apollo Micro Systems in a stock exchange filing.
Earlier, the aerospace and defence company Apollo Micro Systems declared its quarterly result for the July to September period of the current financial year.
The company said that its standalone net profit in the quarter that ended on September 30, 2023, doubled to Rs 7 crore. The company had clocked a net profit of Rs 3.28 crore during the year-ago period.
The jump in the September 2023 quarter net profit was aided by higher income, the company said in a regulatory filing today.
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.
