New Delhi, July 7 -- Multibagger defence stock Apollo Micro Systems has approved a sweeping capital-raising plan worth more than Rs.3,322 crore, comprising a preferential issue of equity shares and convertible warrants, while also clearing an increase in its authorised share capital and convening an Extraordinary General Meeting (EGM) to seek shareholders' approval.

The company's board, at its meeting held on July 6, approved increasing the authorised share capital from the existing Rs.45 crore, divided into 45 crore equity shares of Re 1 each, to Rs.63 crore, divided into 63 crore equity shares of Re 1 each, through the addition of 18 crore equity shares ranking pari passu with the existing shares.

The board also approved issuing up to...