Apollo Micro Systems board approves to issue warrants worth Rs 185 crore

The Board of Directors of Apollo Micro Systems Limited has approved the issuance of convertible warrants worth Rs 185 crore to promoters and non-promoter group investors. The company board has approved to issue 1,01,00,070 (One Crore One Lakh and Seventy) warrants at an average price of Rs 183.30 apiece amounting to a sum of Rs 185,13,42,831.

The company also informed that each of these warrants will be convertible or exchangeable for one equity share within the period of 18 (eighteen months).

Promoter and Managing Director of the company Karunakar Reddy Baddam, and non-promoter investors including Nextpact Limited, Mauritius and Maybank Securities will issue the warrants.

Listed on the bourses, Apollo Microsystems is an electronic, electro-mechanical, engineering designs, manufacturing and supplies company.
 
The company has also participated in several indigenous missile programmes, underwater electronic warfare, underwater missiles, surface to air missiles, nuclear missile programmes, surface to surface missile programmes, indigenous submarine programmes, UAVs long and short endurance, ships, and space programmes, as per statement.