Apollo Micro Systems slips ~1% after withdrawal of warrants issue

22 Nov 2024 , 11:39 AM

On Thursday, November 21, Apollo Micro Systems Ltd. told the exchanges that its board had evaluated and authorized the withdrawal of a preferential offer of 2.45 Crore convertible warrants to its promoters and certain identifiable non-promoter entities.

In July of this year, the board approved the issuing of 2.45 Crore convertible equity warrants on a preferential basis to promoters and non-promoter businesses.

However, the company has received letters of withdrawal of consent to subscribe to the convertible equity warrants from some key proposed allottees, including the Eminence Global Fund PCC, Eubilia Capital Partners Fund I, North Star Opportunities Fund VCC – Bull Value Incorporated VCC Sub-fund, and AG Dynamic Funds Ltd., owing to delays in opening the preferential offer from their date of original consent to the date of commencement of the offer, according to the exchange filing.

The intended allottees announced their intention to withdraw their subscription due to the extended time gap, which prompted a shift in their financial and strategic objectives.

The firm has said that the withdrawal of the offer would not have an impact on its financial stability, operations, or development prospects.

Apollo Micro Systems specializes in the design, development, assembly, and testing of electrical and electromechanical systems.

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