Apollo Micro Systems gets SEBI nod for 26% Premier Explosives open offer at ₹698/share

Leading technology-driven firm in the aerospace, defence, and homeland security sectors, Apollo Micro Systems Ltd, on Friday (August 21), said that its Manager to the Open Offer has received a letter from the Securities and Exchange Board of India (SEBI) regarding the company’s proposed open offer for the acquisition of up to 1.40 crore fully paid-up equity shares of Premier Explosives Ltd.

The shares represent 26% of Premier Explosives’ equity share capital and are proposed to be acquired from the target company’s public shareholders at ₹698 per share under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

According to the SEBI letter dated August 21, 2026, the tendering period for the open offer can commence no later than 12 working days from the receipt of approval from the Competition Commission of India (CCI).

ALSO READ | Apollo Micro Systems bags ₹213 crore defence orders from DRDO, PSUs and private firms

The payment to all successful public shareholders who tender their shares in the open offer will be made within 10 working days from the last date of the tendering period. Apollo Micro Systems said this payment timeline will be subject to the acquirer paying interest at 10% per annum for any delay.

Back in July this year, Apollo Micro Systems Ltd said it had entered into a Share Purchase Agreement (SPA) with the promoter shareholders of Premier Explosives Ltd to acquire a 41.33% stake in the company for ₹1,550 crore.

The acquisition involves the purchase of 2.22 crore equity shares of Premier Explosives with a face value of ₹2 each. Following the acquisition, Apollo Micro Systems will gain control of Premier Explosives.

ALSO READ | Premier Explosives targets ₹600-700 crore FY27 revenue after Apollo Micro Systems stake acquisition

As part of the transaction, Apollo Micro Systems will make a mandatory open offer to eligible public shareholders of Premier Explosives for acquiring up to 26% of the fully diluted voting equity share capital under the SEBI Substantial Acquisition of Shares and Takeovers Regulations.

The transaction is subject to regulatory and statutory approvals, including clearance from the Competition Commission of India (CCI) and fulfilment of conditions under the SPA. The acquisition is expected to be completed within five months.

Apollo Micro Systems said the acquisition is aligned with its objective of building an integrated, end-to-end indigenous defence platforms ecosystem under the Aatmanirbhar Bharat and Make in India initiatives. The acquisition will be funded through cash consideration. The open offer price has been fixed at ₹698 per equity share as per the SAST Regulations.

Shares of Apollo Micro Systems Ltd ended at ₹385.20, down by ₹1.50, or 0.39%, on the BSE.

ALSO READ | Apollo Micro Systems shares decline nearly 6% as board approves ₹3,322 crore fund raise