Apollo Micro Systems' shares hit an upper circuit on Monday after the company announced the sub-division of its equity shares on Saturday, after the board meeting. The company, in an exchange filing, said the company board has approved the sub-division of its equity shares.
Apollo Micro Systems' board has approved the sub-division or split in 1:10 ratio, the exchange filing said. This means that each equity share of the company with a face value of Rs 10 will be divided in to 10 equity shares with a face value Re 1 each.
Apollo Micro Systems' shares hit an upper circuit, rising 5 per cent, to Rs 379.70 on Monday following the announcement. The stock scaled another new 52-week high during the trading session. It had settled at Rs 361.70 on Friday. The stock has rallied 250 per cent from its 52-week low at Rs 109.35 in March 2022.
Shares of Apollo Micro System have delivered a return of 175 per cent in the last six months, whereas the stock has gained 150 per cent in the last one year. Even in the last one month, the counter had jumped 50 per cent.
However, the aforesaid corporate actions are subject to the approval from the company's sharesholders and other regulatory or statutory approvals. The record date for the subdivision of equity shares shall be decided by the Board and will be intimated to the exchanges, the company's filing added further.
The company aims to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors, it said while explaining the rationale for the action. Besides, the corporate action will be completed within the three months from the date of shareholder's approval.
Incorporated in 1997, Apollo Micro Systems is engaged in the business of electronic, electro-mechanical, engineering designs, manufacturing and supply. The company made its Dalal Street debut in January 2018, when the company raised Rs 156 crore by selling its shares for Rs 275 per piece. The stock has risen 25 per cent from its issue price so far.
Apollo Micro Systems' stock hit a record high of Rs 480 on listing day, January 22, 2018, thanks to robust bidding for the issue, which was subscribed a whopping 248.5 times. However, the counter is currently 27 per cent below its all-time high.
The Hyderabad based company designs, develops and sells high-performance, mission and time critical solutions to defense, space and homeland security for the Ministry of Defense, government controlled public sector undertakings and private sectors.
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