Why Did Apollo Micro Systems Revise Its Rs 3,322 Crore Preferential Issue? Here’s What Latest Filing Says
Multibagger defence stock Apollo Micro Systems has changed the details of its recently announced preferential issue. The company has increased the size of the fundraising exercise to over Rs 3,322 crore by combining equity shares and convertible warrants. The changes were included in a corrigendum to the board meeting results as of July 6, which stated that the revisions corrected inadvertent errors in the previous filing.
As per the revised exchange filing of the company dated 11 July, 2026, the total proposed fundraising will be approximately Rs 3,322.22 crore, including the issuance of 2.28 crore equity shares worth Rs 951.13 crore and 5.69 crore convertible equity warrants worth Rs 2,371.09 crore. The company is engaged in defence and aerospace electronics.
Shares of multibagger defence firm Apollo Micro Systems gained 2.57% to settle at Rs 408.44 apiece on Friday, July 10.
Equity shares to be issued at Rs 416.60 each
The company said the equity shares will be allotted by way of a preferential issue on a private placement basis. Apollo Micro Systems will issue up to 2,28,30,902 equity shares at an issue price of Rs 416.60 per share. As many as 55 investors have subscribed to the equity portion of the fund-raising.
Convertible warrants form the larger part of the fundraise
The majority of the fund-raising is through 5,69,15,380 convertible equity warrants, also priced at Rs 416.60 each.
The warrants shall be convertible into an equal number of fully paid-up equity shares of face value of Re 1 each. The investors will have the option to convert in one or more tranches within 12 months from the date of allotment. The warrant issue has attracted 93 investors, including 22 who subscribed to the equity issue.
Tata Mutual Fund among institutional participants
The revised annexures filed with the application reveal the names of some institutional and private investors in the issue.
Some of the major names in the equity allotment are:
Saint Capital Fund
Tata Mutual Fund (through Tata Business Cycle Fund)
Nautilus Private Capital Ltd
Maestro Emerging Fund PCC
Robust Knights Fund PCC
M7 Global Fund PCC
Cullinan Opportunities Incorporated VCC Sub Fund 1
Ananta Capital Ventures Fund 1
The company said Tata Mutual Fund has proposed to subscribe to 12 lakh equity shares under its Tata Business Cycle Fund.
Promoters to subscribe through warrants
The allotment of a warrant also involves the participation of the promoter group.
The filing states that the company proposes to issue 1.305 crore convertible warrants each to promoters Chanakya Reddy Baddam and Kanishka Reddy Baddam.
The proposed warrant allottees include Opal Global Diversified Fund Limited, Cullinan Opportunities Fund, Nautilus Private Capital, Maestro Emerging Fund and Robust Knights Fund as well as several institutional investors.
Why the company issued a corrigendum
Apollo Micro Systems has said the latest filing is a corrigendum to the outcome of its board meeting disclosed on July 6, 2026. The company said it issued the revised annexures after correcting inadvertent errors in the earlier disclosure. It asked the stock exchanges to note the modified information and circulate it.
The corrigendum updates the preferential issue size, the number of securities to be issued, and the list of proposed allottees, replacing the earlier annexures submitted by the company.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
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Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
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