Apollo Micro Systems Bolsters Growth with Rs 416 Crore Fundraising

Apollo Micro Systems, a significant player in aerospace, defence, and homeland security, declared on Wednesday that it has successfully concluded its preferential allotment of equity shares and convertible warrants, amassing a total of over Rs 416 crore.

The allocation includes contributions from the promoter group, Non-Executive Director Aditya Kumar Halwasiya, and LIC Mutual Fund. The preferential issue comprises 2.70 crore equity shares priced at Rs 114 each, totaling Rs 308 crore, alongside 3.80 crore convertible equity warrants issued at the same rate, with a 25 per cent upfront payment required, amounting to Rs 108.5 crore initially. The company anticipates receiving an additional Rs 325.50 crore within six months as the remaining 75 per cent of the convertible warrants' proceeds.

In the issuance, the promoter group has committed to 1.68 crore convertible equity warrants. Halwasiya received 15 lakh shares and an equivalent number of convertible equity warrants, while LIC Mutual Fund joined with an allotment of 26.31 lakh shares. The funds raised aim to fuel growth projects, meet working capital needs, and boost the company's innovative capacity in high-tech, mission-critical systems.

(With inputs from agencies.)