The stock of defence company is trading higher for the third straight day and rallied 34 per cent during the period. It was quoting at its highest level since April 2018.
Also read: Apollo Micro Systems hits over 4-yr high on stable outlook
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Upon issue of warrants, an amount equivalent to 25 per cent of the total issue size shall be called upfront from the proposed allottees. The company will allot 4.62 million warrants to Mr Karunakar Reddy Baddam, Promoter and Managing Director of Apollo Micro Systems. The company said it will issue 1.9 million warrants to Nexpact Limited, Mauritius and 1.2 million warrants to Maybank Securities Pte. Ltd.
In the past one month, the stock has outperformed market as shares surged 49 per cent, as against 3.5 per cent decline in the S&P BSE Sensex. Moreover, in the past three months, the stock soared 80 per cent, as compared to 9 per cent rise in the benchmark index.
Apollo Microsystems is an electronic, electro-mechanical, engineering designs, manufacturing and supplies company. It is involved in design, development and sale of high-performance, mission and time critical solutions to defence, space and home land security of the defence ministry, government controlled public sector undertakings, and private sectors.
That apart, 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, UAV’s long and short endurance, ships, and space programmes.
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