 "Astra Microwave rallies after incorporation of subsidiary in Singapore")
Shares of Astra Microwave Products have rallied 7% to Rs 157 on the National Stock Exchange (NSE), after the company said it has incorporated an arm in Singapore to carry on the business in the areas of high-end microwave integrated chip business and related areas.
“The company has incorporated a wholly owned subsidiary company in the name of 'Aelius Semiconductors’, Singapore w.e.f. April 08, 2015 to carry on the business in the areas of high end microwave integrated chip business and related areas,” it said in a filing.
Meanwhile, on April 2, the board of directors of the company approved fund raising up to Rs 170 crore by issuing securities to QIP/FCCBs/NCDs/NCDs with warrants/other modes.
The stock opened at Rs 148 and touched high of Rs 162 on the NSE. The trading volumes on the counter more than doubled with a combined 1.26 million shares changed hands till 1026 hours on the NSE and BSE.
“The company has incorporated a wholly owned subsidiary company in the name of 'Aelius Semiconductors’, Singapore w.e.f. April 08, 2015 to carry on the business in the areas of high end microwave integrated chip business and related areas,” it said in a filing.
Meanwhile, on April 2, the board of directors of the company approved fund raising up to Rs 170 crore by issuing securities to QIP/FCCBs/NCDs/NCDs with warrants/other modes.
The stock opened at Rs 148 and touched high of Rs 162 on the NSE. The trading volumes on the counter more than doubled with a combined 1.26 million shares changed hands till 1026 hours on the NSE and BSE.
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