Promoter bought 1,86,66,000 shares: Multibagger aerospace & defence stock locked in upper circuit; Board allots 2,45,00,700 warrants to promoters & non-promoters!
The stock gave multibagger returns of over 125.46 per cent from its 52-week low of Rs 52.05 per share and a whopping 900 per cent in 3 years.
Today, shares of Apollo Micro Systems Ltd hit a 5 per cent upper circuit to Rs 117.35 per share from its previous closing of Rs 111.80 per share. The stock’s 52-week high is Rs 161.70 per share and its 52-week low is Rs 52.05 per share.
In continuation of their intimation dated July 17, 2024, Apollo Micro Systems Ltd informs that their board of directors, at a meeting held on July 23, 2024, approved issuing up to 2,45,00,700 convertible warrants to a mix of promoter group and identified non-promoter individuals/entities. These warrants can be converted into equity shares within 18 months at Rs 108 per warrant, raising up to Rs 264.6 crores. The company has also received approval to give loans or guarantees up to Rs 1,000 crore subject to member approval.
Earlier, the company was awarded a prestigious Make II project by the Directorate General of AAD, IHQ of MOD(Army) to develop a Vehicle Mounted Counter Swarm Drone System (VMCSDS) (Version I). This is the company's first Make II project and involves no cost obligation. The project, awarded under the Make II category of DAP-2020, requires the development of cutting-edge, futuristic systems within 85 weeks for single-stage composite trials and staff evaluation. This project marks a significant milestone for the company as it contributes to India's defence capabilities.
Established in 1985, Apollo Micro Systems is at the forefront of creating, constructing, and validating crucial electronics and electro-mechanical solutions for sectors such as aerospace, defence, and space. The company is renowned for its commitment to research and development, resulting in notable projects such as torpedo-homing systems and underwater mines.
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According to Quarterly Results, the net sales increased by 26.76 per cent to Rs 135.44 crore and profit after tax (PAT) increased by 79.23 per cent to Rs 12.93 crore in Q4FY24 compared to Q4FY23 while in its annual results, the net sales increased by 24.91 per cent to Rs 371.63 crore and profit after tax (PAT) increased by 66.01 per cent to Rs 31.11 crore in FY24 compared to FY23.
The company falls under the BSE Small-Cap Index with a market cap of over Rs 3,596 crore. The promoters of the company bought 1,86,66,000 shares and increased their stake to 55.12 per cent in June 2024 compared to 53.21 per cent in March 2024. The stock gave multibagger returns of over 125.46 per cent from its 52-week low of Rs 52.05 per share and a whopping 900 per cent in 3 years. Investors should keep an eye on this aerospace & defence stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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