Multibagger stock Apollo Micro Systems that has surged 225% in one year acquires defense subsidiary
Multibagger stock: Apollo Micro Systems Ltd shares are one of the small-cap stocks under ₹100 that have delivered whopping return to its positional investors. The small-cap company has informed Indian exchange that it has incorporated its subsidiary company Apollo Defence Industries Private Limtied.
The subsidiary company deals in defence, aerospace and related electronic components. The small-cap stock under ₹100 informed Indian stock market bourses about the acquisition citing, "Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 read with Part A of Schedule III of the Listing Regulations, we hereby inform you that the Company has incorporated a Subsidiary Company named APOLLO DEFENCE INDUSTRIES PRIVATE LIMITED." The small-cap company went on to add that the acquired company deals in defence, aerospace and related electronic components.
On reason for acquiring the defense company, the small-cap stock below ₹100 said, “Apollo Defence Industries Private Limited shall work on Defence Platforms through collaborated approach both in Domestic and International companies. The Business is in line with the Business of Apollo Micro Systems Limited and compliments the Business of the parent entity at the same time also expands its horizons to larger platforms taking technological support from parent entity." On cost of acquisition, Apollo Micro Systems Ltd said, “Initial investment is Rs.
76,000/- (7,600 Equity Shares of Rs. 10 each).
The Company has subscribed to 7,600 equity shares of ₹10/- each." The small-cap stock under ₹100 has delivered 95 per cent return in six months whereas its has given 75 per cent return in YTD. In last one year, it has
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