Defence sector company AMS approves allotment of 1.65 crore equity shares
Apollo Micro Systems, a defence sector company, has informed exchanges that its board of directors has approved the allotment of 1.65 crore equity shares on conversion of equivalent convertible warrants.
As per the information provided by the company, the board cleared a proposal for the conversion of warrants into equity shares upon receipt of an amount aggregating to Rs 23.02 crore as a warrant exercise price.
“The Board of Directors of the Company, has on 03rd May, 2024, considered and approved the allotment of 1,65,06,000 (One Crore Sixty Five Lakhs Six Thousand Only) Equity Shares of Re. 1/- each, upon conversion/ exchange of/for such number of Warrants,” the company said in the exchange filing.
Consequently, the issued and paid-up capital of the company has increased to Rs 29.88 crore consisting of 29.88 crore equity shares of Re 1 each.
Earlier, the aerospace and defence company entered into an agreement with the State Bank of India (SBI) for the implementation of the upcoming project.
As part of the agreement the cash credit (CC) limit has been renewed and enhanced to Rs 57.50 crores and from an existing limit of Rs 52.50 crores.
The new facility shall be built on around 5 acres of land with a total built-up area of 3,50,000 square feet with end-to-end manufacturing and qualification set-up as per international standards with a total investment of Rs 210 crore, according to the statement.
Hyderabad-based Apollo Micro Systems Ltd (AMSL) offers technology-based solutions in sectors like infrastructure, transportation, and aerospace, among others, and employs around 350 people.
