Apollo Micro Systems to acquire 41.33% in Premier Explosives; open offer at INR 697.52
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Apollo Micro Systems will buy 41.33% stake (2.22 crore shares) in Premier Explosives from promoter AKS Family Trust at INR 697.52 per share in cash. This triggers a mandatory open offer for up to 26% (1.40 crore shares) from public shareholders at the same price of INR 697.52. Premier Explosives makes solid propellants for missiles and countermeasure systems for defense and aerospace, with FY26 turnover of about INR 388 crore. Deal is subject to CCI and SEBI approvals and is expected to close in 4-5 months.
Open offer at INR 697.52 gives public shareholders an exit option. Change of control likely; stock may trade around open offer price until deal closes.