Apollo Micro Systems, a small-cap defence company, has increased its capital base through a warrant conversion. The company allotted 1,21,47,964 equity shares to six investors, including select promoters, a whole-time director and non-promoter groups, following the conversion of warrants issued on a preferential basis.
In an exchange filing on November 26, the company said the company’s paid-up equity capital has increased to ₹35.43 crore, comprising 35,43,91,700 shares of face value ₹1 each after the conversion of warrants to equities.
The conversion price for each share was ₹114, with ₹85.50, or 75% of the issue price, paid at the time of conversion.
This allotment is part of the larger preferential issue approved earlier, involving 3.80 crore warrants, each convertible into one equity share.
As of this tranche, as many as 2,08,59,246 warrants, out of 3,80,67,058 due for conversion, have been converted into equity shares of face value of ₹1 each.
Warrants remaining unexercised after 13 months from the date of allotment will lapse, and the amount paid by the warrant holders on such warrants will stand forfeited by the company.
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