Apollo Micro Systems Limited announced a private placement of up to 1,01,00,070 warrants on October 13, 2022. The transaction will include participation from Baddam Karunakar Reddy, managing director of the company for 4,620,600 warrants, Nexpact Limited for 1,900,000 warrants, Maybank Research Pte. Ltd. for 1,200000 warrants and other investors.

The warrants will be convertible into one common share of the company. The company will receive 25% of the total amount, which is INR 462,835,707.75 as upfront payment at the time of allotment of warrants at the price of INR 45.825 and the remaining 75% will be paid within 18 months, with an exercise price of INR 137.475. The company will issue securities through preferential allotment method.

The transaction is subject to the approval of the shareholders of the Company in the annual general meeting to be held on November 12, 2022. The transaction has been approved by the board of directors of the company.