Apollo Micro Systems shares hit upper circuit after fixing record date for stock split

Shares of Apollo Micro Systems hit an upper circuit of 5 per cent after the company announced the record date for the sub-division or split of its equity shares. The board of directors of Apollo Micro Systems had passed the necessary resolution for the same.

The company board has fixed May 4, 2023, Thursday as its record date for the sub-division of equity shares in a 1:10 ratio. It means all the equity shares of the company with a face value of Rs 10 each will be split or divided into ten stocks with a face value of Re 1, each.

It means that all the shareholders, having the delivery of shares in their demat accounts as of the given record date, would be considered eligible for the aforesaid corporate action.

Shares of Apollo Micro Systems were locked in the upper circuit limit of 5 per cent to Rs 299.90 on Monday. The scrip had settled at Rs 285.65 on Thursday, the previous trading session. Even after a 175 per cent rise from its 52-week lows at Rs 110, the stock is trading 21 per cent below its 52-week high at Rs 379.70.

Shares of Apollo Micro Systems have remained flat in the last month, but the stock is up 60 per cent in the last six months. It has doubled investors' money in the last one year, while it's up 580 per cent from its covid-19 lows.

Apollo Micro Systems had announced the decision to split equity shares in January 2023. The company aims to enhance the liquidity in the capital market, to widen the shareholder base and to make the shares more affordable to small investors, it said while explaining the rationale for the action, it had said.

Incorporated in 1997, Apollo Micro Systems is engaged in the business of electronic, electro-mechanical, engineering designs, manufacturing and supply. It made its Dalal Street debut in 2018.

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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