stock market today Shares of Apollo Micro Systems are one of the multibagger stocks that have given a strong bounce in the rebound of the stock market after Kovid. Small-cap stock has announced issuance of warrants 185 crore, which attracted buying interest in the stock, hitting a new 52-week high in morning deals. Continuing its uptrend in Friday’s trading session, the bull favorite hit its 4-year high today when it hit an intraday high. 247.80 each on NSE. This is the third day in a row that Multibagger stock has hit a 52-week high.
Informing the stock market exchanges about the development regarding issuance of warrants, Apollo Micro Systems Limited said, “This is to inform you that the Board of Directors of the Company in its meeting held today i.e. Thursday, October 13, 2022 is considered and approved. 1,01,00,070 (one crore one lakh and seventy) convertible into, or exchangeable, each within a period of 18 (eighteen months) in accordance with the law in force (“Warrants”) for the issue of warrants , the price for one equity share 183.30/- (Indian Rupees One Hundred Eighty Three and Thirty Paise Only) each (including Warrant Membership Price and Warrant Exercise Price) in aggregate 185,13,42,831/- (Indian Rupees One Hundred Eighty Five Crore Thirteen Lakh Forty Two Thousand Eight Hundred Thirty One Only) to Shri Karunakar Reddy Baddam, Promoter and Managing Director of the Company and certain other non-promoter group persons.”
Apollo Micro Systems further stated that the warrant shall be issued by way of preferential issue in accordance with the provisions of section 42 and section 62(1)(c) of the Companies Act, 2013, as amended (“the Act”) read with The Companies (Prospectus and Allotment of Securities) Rules, 2014, amended (“Rules”), Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Listing Regulations and such other Acts/rules/rules as applicable and subject to the necessary approvals of the Company’s members and other regulatory authorities, as applicable (“Warrant Issued”).
The Board of Directors of the Company has also considered and approved to increase the authorized share capital of the Company. 36 crore divided into 3.60 crore equity shares 10 Subject to the approval of the shareholders at the next Extraordinary General Meeting of each company.
As mentioned above, the shares of Apollo Micro Systems are one of the multibagger stocks in the Indian stock market. In the last one year, it has almost doubled shareholders’ money by giving more than 98 per cent returns. However, the stock gave a sharp jump after the post-Covid stock market boom. From April 2020 till now, this small-cap stock has been around Rs. 45 per piece 245 level, registering an increase of about 450 per cent in these two years.
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