The company has won an order worth Rs 5.7 crore from the DRDO and an order worth Rs 21.6 crore from a private company.
Shares of Apollo Micro Systems Ltd., an aerospace and defence company, surged 5 per cent to lock in the upper circuit of Rs 272.80 despite the market sell-off. The counter started the trading session at Rs 260.55 against the previous close of Rs 259.85 on the BSE. Amid a spurt in trading volume, the stock gained later to touch the high of Rs 272.80. The action in the stock comes as the company stated that it has received two significant orders, including one from DRDO (Defence Research and Development Organisation). The market cap of the company stood at Rs 9,098.77 crore.
Order from DRDO
The company has won an order worth Rs 5.7 crore from the DRDO and an order worth Rs 21.6 crore from a private company. In total, the company has received orders worth Rs 27.36 crore. The company stated that these orders will further strengthen its business.
Acquires IDL Explosives
The company recently announced in another filing that its subsidiary, Apollo Defence Industries Private Limited, has completed the acquisition of IDL Explosives Limited. This acquisition was made through a share transfer from GOCL Corporation Limited, which was the holding company of IDL Explosives.
With the completion of this acquisition, IDL Explosives Limited has now become a subsidiary of Apollo Micro Systems.
Earlier, the company announced the completion of its preferential allotment of equity shares and convertible warrants, raising a total of over Rs 416 crore. The allotments were made to promoter group, Non-Executive Director Aditya Kumar Halwasiya and LIC Mutual Fund.
In a statement, the company said the preferential issue involved 2.70 crore equity shares allotted at Rs 114 each, aggregating to Rs 308 crore along with 3.80 crore convertible equity warrants issued at the same price, with 25 per cent upfront subscription, aggregating to Rs 108.5 crore in initial proceeds.
With PTI inputs
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
