Summary of Key Information:
Nature of Filing / Announcement: Disclosure under Regulation 30 of SEBI LODR Regulations regarding acquisition and open offer
Date of Board Meeting / Approval: July 9, 2026 (commenced at 04:00 p.m., concluded at 07:15 p.m.)
Corporate Actions:
Share Purchase Agreement Details:
- Apollo Micro Systems Limited (Acquirer) entered into Share Purchase Agreement with AKS Family Trust (Promoter) and Premier Explosives Limited
- Acquisition of 2,22,21,735 equity shares representing 41.33% of voting share capital
- Purchase price: INR 697.52 per equity share
- Transaction is not a related party transaction
Open Offer Details:
- Mandatory open offer triggered under SEBI SAST Regulations
- Offer for up to 1,39,77,911 equity shares representing 26% of voting share capital
- Offer price: INR 697.52 per equity share
- Open offer to be completed in accordance with SAST Regulations
Strategic Rationale:
The acquisition is aligned with Acquirer's long-term strategic objective to build an integrated, end-to-end indigenous defense platforms ecosystem under the Government of India's Aatmanirbhar Bharat and Make in India initiatives.
Conditions Precedent:
- Receipt of mandatory regulatory and statutory clearances
- Competition Commission of India approval (if applicable)
- Completion of all compliance requirements under SEBI SAST Regulations
- Fulfillment of conditions precedent under the SPA
Timeline:
Indicative time period for completion of acquisition: Within 4-5 months
Company Background (Target Entity):
Name: Premier Explosives Limited
Incorporation Date: February 14, 1980 under Companies Act, 1956
Business: Manufacturing solid propellants for missile programs and supplying countermeasure systems to Indian defense, aerospace, and mining sectors
Operations: India
Turnover History:
- March 31, 2026: INR 38,834.14 Lakhs
- March 31, 2025: INR 41,745.23 Lakhs
- March 31, 2024: INR 27,171.67 Lakhs