Aerospace and defense company Apollo Microsystems has announced a stock split in the company. The company’s board of directors has approved the shares to be subdivided in a 10:1 ratio, according to an exchange filing by the company. This means that each share will be divided into his 10 shares.
The par value of each share of the company is Rs 10. After splitting, the denomination is reduced to Re 1.
A company announced a stock split to increase liquidity. In addition, by adjusting the price according to the split ratio, we aim to make the stock price cheaper.
This will increase the shareholder base and increase the number of shares outstanding in the capital markets. Stocks become more affordable for smaller investors and traders. Shares of Apollo Micro Systems settled at Rs 360 each on his NSE on Friday.
“The Board of Directors has approved the division/division of shares of Rs.10 par value into 10 shares of Rs.1 each, subject to the approval of the members of the company and regulatory/statutory approvals as required,” said Apollo Micro. Systems said in a filing.
The board has yet to set a record date for determining the eligibility of shareholders to benefit from the split, the company said.
The record date for the stock split will be determined by the board of directors and will be announced in due course, according to the filing.
The exercise is expected to be completed within three months from the date of shareholder approval, he added.
Apollo Micro Systems is a small-cap company. The company is a pioneer in the design, development, assembly and testing of electronic and electromechanical solutions. The company’s stock has returned a staggering 224% over the past six months, but has returned 148% in one year.
Meanwhile, the company has secured provisional allocation of land from Telangana State Industrial Infrastructure Corporation Limited to set up an electronic industry in Rangarddy district.
