Apollo Micro Systems fixes record date for share sub-division

Apollo Micro Systems Ltd (AMSL) has fixed the record date to split its equity shares. The Hyderabad-based aerospace and defence company will split its stock in ratio of 1:10. It means that one equity share will be sub-divided into 10 equity shares.

Earlier on March 28, the company's shareholders had approved a proposal for the share division through postal ballot, the company said in a statement.

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Subsequently, the board also passed the necessary resolution on April 6, 2023 and fixed May 4 as the record date for sub-division of shares, according to a filing.

The current face value of each share of Apollo Micro Systems is Rs 10. After the split, the new face value would be Re 1.

"The Board of Directors of the Company has passed the necessary resolution through Circular Resolution, on 6th April, 2023 and has fixed the record date on Thursday, 4th May, 2023 for the purpose of sub-division of 1 equity share of Rs. 10/- each into 10 equity shares of Re. 1/- each fully paid up, pursuant to the shareholders," the company said.

The rationale behind the split is to enhance the liquidity in the market, widen the shareholder base and make the shares more affordable to small investors.

Apollo Micro Systems offers technology-based solutions in sectors like infrastructure, transportation, aerospace and defence, among others.

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