Shares of Apollo Micro Systems closed in the upper circuit of 5 per cent on Tuesday ahead of sub-subscription of equity shares. The company has announced a split of its shares in the ratio of 10:1, which means that each share will be sub-divided into 10 shares.
Stock split or share sub-division is one of the corporate actions. When a company decides to split its equity shares, the face value of each share is divided in the dividing ratio and the market value is also adjusted in the same ratio.
The current face value of each share of Apollo Micro Systems is Rs.10. After the split, the new face value will be Rs.1.
“…the Board of Directors of the Company has passed the necessary resolution vide circular resolution dated April 6th, 2023 and has fixed the record date as Thursday, May 4th, 2023 for the purpose of sub-division of 1 Equity Share each. Apollo Micro “Subsisted, pursuant to the approval of the shareholders received through postal ballot through electronic means, on March 28, 2023, into 10 fully paid-up Equity Shares of Rs 1 each, on March 28, 2023,” Systems said in a statement to the BSE. .
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Trading in Apollo Micro Systems shares was halted after the aerospace and defense stock hit the upper circuit of 5 per cent at Rs 328.75 on the BSE.
Apollo Micro Systems shares have gained 52 per cent in the last six months and 150 per cent multibagger returns in the last one year, resulting in wealth creation for the shareholders.
Apollo Micro Systems is a Hyderabad based smallcap company that is a leader in design, development, assembly and testing of electronic and electro-mechanical solutions. It caters to aerospace, defense and space, railways and automotive sectors.