Apollo Micro Systems: SEBI update on Premier Explosives open offer
APOLLO · price
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Apollo Micro Systems informed the exchange that SEBI has responded regarding its open offer for Premier Explosives Limited. The offer is for up to 1.39 crore equity shares (26 percent) of Premier Explosives at INR 698 per share. SEBI has set the tendering period to start within 12 working days of CCI approval. Payment to tendering shareholders will be made within 10 working days of the tendering period ending, with 10 percent annual interest for any delay.
Open offer progress signals the acquisition is moving forward; clears a regulatory step for Premier Explosives shareholders awaiting tendering.