Defence sector company AMS gets trading approval for 1.65 crore equity shares

Apollo Micro Systems, a defence sector company, announced that it has got trading approval from the exchanges for the trading of 1.65 crore equity shares of Re 1 each. 

"We would like to inform that trading approval for 1,65,06,000 equity shares of Re. 1/- each, issued and allotted on Preferential Issue basis to the Promoters, have been granted by National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 04th June, 2024," the company said in an exchange filing.

These shares are listed and admitted to dealings on the Exchange from June 5, 2024.

It is to be noted that 1,65,06,000 equity shares of Re 1 each were issued at a premium of Rs 17.60 to promoters on a preferential basis pursuant to the conversion of warrants. 

Earlier, the aerospace and defence company entered into an agreement with the State Bank of India (SBI) for the implementation of the upcoming project. 

As part of the agreement the cash credit (CC) limit has been renewed and enhanced to Rs 57.50 crores and from an existing limit of Rs 52.50 crores.

The new facility shall be built on around 5 acres of land with a total built-up area of 3,50,000 square feet with end-to-end manufacturing and qualification set-up as per international standards with a total investment of Rs 210 crore, according to the statement.

Hyderabad-based Apollo Micro Systems Ltd (AMSL) offers technology-based solutions in sectors like infrastructure, transportation, and aerospace, among others, and employs around 350 people.