Apollo Micro Systems Limited has allotted 35,088 equity shares at ₹114 per share to Mr. Piyush Bhupendra Gala, a non-promoter, following the conversion of warrants. This allotment is part of a larger preferential issue of 3,80,67,058 convertible equity warrants. The company’s paid-up capital has now increased to ₹33,56,74,736. Proceeds from the preferential issue, totaling ₹434.80 crore, are earmarked for working capital, R&D, and general corporate purposes, with Acuite Ratings & Research Limited confirming proper utilization.
Key Details of the Allotment
- Allottee: Mr. Piyush Bhupendra Gala (Non-Promoter)
- Number of Shares Allotted: 35,088
- Face Value: Re. 1 per share
- Issue Price: ₹114 per share (including ₹113 premium)
- Amount Received: ₹40,00,032
Updated Share Capital:
- Paid-up capital increased from ₹33,56,39,648 to ₹33,56,74,736
- Total equity shares now: 33,56,74,736 shares of Re. 1 each
Warrant Conversion Details
- Total Warrants Allotted: 3,80,67,058 convertible equity warrants
- Current Conversion: 35,088 warrants
- Conversion Price: ₹114 per warrant
- Payment Structure:
- Upfront 25% at subscription: ₹28.50 per warrant
- Balance 75% at conversion: ₹85.50 per warrant
Utilization of Preferential Issue Proceeds
Funds from the preferential issue are being deployed for:
- Working Capital Requirements
- Research & Development
- General Corporate Purposes (includes ₹4.13 crore consultancy charges)
Monitoring Agency Confirmation: Acuite Ratings & Research Limited verified the proper utilization of funds.
Remaining Warrants
- Previously Converted: 21,07,194 warrants
- Converted in Current Allotment: 35,088 warrants
- Unexercised Warrants: Will lapse if not converted within six months from the date of allotment.
Summary:
Apollo Micro Systems completed the partial conversion of warrants, allotting 35,088 equity shares and increasing paid-up capital to ₹33.56 crore. The preferential issue proceeds are being used as planned for working capital, R&D, and corporate purposes, with proper monitoring in place. Remaining warrants must be converted within six months or lapse.
Disclaimer:
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