Aerospace and defence firm Apollo Micro Systems sets up subsidiary for its defence business

Aerospace and defence company Apollo Micro Systems has announced the incorporation of a subsidiary. The subsidiary has been named Apollo Defence Industries Limited.

It will carry out the business in the defence sector and related electronic components, the company said in a statement, adding that it will work on defence platforms through a collaborative approach both in domestic and international companies.

"Apollo Defence Industries Private Limited shall work on Defence Platforms through a collaborated approach both in Domestic and International companies. The business is in line with the business of Apollo Micro Systems Limited and compliments the business of the parent entity at the same time also expands its horizons to larger platforms taking technological support from the parent entity," the statement said.

Promoter Karunakar Reddy has subscribed to 1,400 equity shares of Rs 10 each in APDIPL, the statement added.

Based out of Hyderabad, Apollo Micro Systems is an electronics, electromechanical, engineering design, manufacturing and supply company.

The company provides mission and time-critical solutions for the government, private defence players, space and homeland security.

Apollo Micro Systems is a small-cap company with a market capitalisation of Rs 1,249 crore. Its stock on Friday closed in red at Rs 53.88.

Its shares have delivered a return of 215 per cent in the last one year and 360 per cent in two years.

The company had split its shares in the ratio of 10:1, meaning each share with a nominal value of Rs 10 was split into ten shares of Re 1 face value each.