Apollo Micro Systems capital raise: Warrants conversion leads to 35,088 new shares listing

Apollo Micro Systems Limited has received trading approval from both BSE and NSE for its latest preferential issue of equity shares. The exchanges will list and allow trading of these new equity shares from December 26, 2025, signalling regulatory clearance for the allotment to non-promoter investors and a small expansion of the company’s listed equity base.

The company had earlier informed exchanges that these equity shares arose from conversion of warrants issued to non-promoters. The latest step links with a larger capital-raising exercise using convertible warrants and preferential allotment. Market participants are tracking these changes as they alter the company’s share capital structure and can influence liquidity and dilution over time.

Apollo Micro Systems has issued and allotted 35,088 equity shares of face value Re. 1 each on a preferential basis to non-promoter investors, as per the company’s announcement dated December 24, 2025. BSE and NSE have confirmed that these newly allotted equity shares will be listed and admitted to trade with effect from December 26, 2025.

These 35,088 equity shares were created following conversion of warrants at an issue price of Rs 114 per share. The price includes a premium component of Rs 113 for each equity share. After commencement of trading, these shares will rank pari passu and become fully fungible with the existing equity shares, subject to applicable lock-in rules.

Apollo Micro Systems Ltd. had earlier disclosed a wider warrant issuance in June 2025, when 3,80,67,058 convertible warrants were allotted to investors through a preferential issue. Each warrant is convertible into one equity share at Rs 114 per share, with 75 percent of the consideration payable upfront and the balance due at the time of conversion.

In a regulatory filing dated December 22, 2025, Apollo Micro Systems notified stock exchanges that it had converted 11,696 warrants into an equal number of equity shares. This conversion followed receipt of the remaining exercise payment of Rs 10,00,008 from a warrant holder. The latest listing of 35,088 shares reflects progress under this broader warrant-linked capital plan.

Apollo Micro Systems equity shares: capital structure and lock-in

The company’s issued and paid-up share capital has increased marginally following these conversions and allotments. The paid-up capital moved from Rs 35,72,80,744 to Rs 35,72,92,440. Apollo Micro Systems now has 35,72,92,440 equity shares of face value Re. 1 each outstanding, with the incremental equity representing a very small proportion of the total base.

The newly listed equity shares are locked in until July 1, 2026, under SEBI regulations governing preferential allotments. During this lock-in period, these shares cannot be transferred or sold. The restriction is designed to ensure regulatory compliance and provide stability in the shareholding pattern while the capital-raising programme using warrants continues.

Apollo Micro Systems equity shares disclosures and investor impact

For regulatory compliance, BSE and NSE have advised Apollo Micro Systems to continue filing all price-sensitive and statutory disclosures through NEAPS under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Copies of the trading approval have also been shared with NSDL and CDSL, helping maintain accurate records at depository level for all investors holding these equity shares.

Although the absolute number of new shares is limited, investors are monitoring these issues and conversions because they highlight ongoing capital-raising activity and interaction with longer-term investors via warrants. The developments align with Apollo Micro Systems’ focus on its defence technology business, while also gradually expanding the equity base in a regulated and phased manner.

Particulars	Before issue	After issue
Paid-up share capital (Rs)	35,72,80,744	35,72,92,440
Number of equity shares (Re. 1 each)	35,72,80,744	35,72,92,440
Issue price per share (Rs)	–	114 (including Rs 113 premium)