Apollo Micro Systems gain after signing acquisition pact with ASIP

The shares of Apollo Micro Systems Limited gained today after the company informed that it will acquire more than 50 per cent stake in Ananya SIP RF Technologies Private Limited (ASIP).   

In a regulatory filing, Apollo Micro Systems said on Tuesday that the Managing Director, Karunakar Reddy Baddam has signed the investment-cum-shareholders agreement with ASIP in order to acquire 51 per cent equity share capital. The company further added that the acquisition would help them in expanding their business by establishing Radio Frequency (RF) and microwave design, production and integration facility.

Apollo Micro Systems engages in the supply of electronics and electro-mechanical systems including design, research and development of components, which are used in missile programme like weapon system electronics etc.

At 3.01 pm on Wednesday, the stock of Apollo Micro Systems is trading at Rs 78.05, up by 2.90 per cent against its previous close of Rs 75.85. Its 52-week high is recorded at Rs 151.60 and the 52-week low is Rs 65.00 on BSE.