Open offer announced for up to 1,39,77,911 shares (26.00%) at INR 698 per share; tendering Oct 12-26, 2026

Open offer by Apollo Micro Systems for up to 1,39,77,911 shares (26.00%) of Premier Explosives.

Mon 5 Oct 2026

Offer Size

up to 1,39,77,911 shares (26.00%)

Offer Price

INR 698/- per share

Interest per Share

INR 7.65 per share

Tendering Period

Oct 12 to Oct 26, 2026

Total Consideration

up to INR 986,35,12,898/- in cash

An open offer has been announced for public shareholders of the target company. Here are the main points from the Letter of Offer.

What is being offered

• Acquirer: Apollo Micro Systems Limited, a listed public limited company.
• Target company: Premier Explosives Limited.
• Offer size: up to 1,39,77,911 fully paid-up equity shares of face value INR 2/- each, representing 26.00% of the equity share capital, from the public shareholders.
• Offer price: INR 698/- per equity share.
• Applicable interest: INR 7.65 per equity share, in addition to the offer price.
• Total consideration: up to INR 986,35,12,898/-, payable in cash.

Important dates to note

• Tendering period opens: Monday, October 12, 2026.
• Tendering period closes: Monday, October 26, 2026.
• Last date for communicating rejection or acceptance, and for payment of consideration for accepted tenders and return of unaccepted shares: Monday, November 9, 2026.
• Last date for the post-offer public announcement: Tuesday, November 17, 2026.

Why an interest is being paid

The applicable interest of INR 7.65 per share is calculated at the rate of 10% per annum for a period of 40 days, from September 30, 2026 to November 9, 2026, on account of delay in making payment of the offer price to public shareholders whose shares are validly tendered and accepted.

How acceptance works

• The offer is not conditional upon any minimum level of acceptance.
• There is no differential pricing for the offer.
• This is not a competing offer.
• If shares tendered exceed the offer size, acceptance will be on a proportionate basis, subject to a maximum of 1,39,77,911 shares. Unaccepted shares will be returned.
• The minimum marketable lot for this offer is one equity share.
• The acquirer may revise the offer price or the number of offer shares before the tendering period begins, with a corresponding increase in the escrow amount.

A few things shareholders may note

• Shares tendered in dematerialised form are held in trust by the Clearing Corporation and cannot be traded during that period; shares tendered in physical form are held by the Registrar.
• Once tendered, shares cannot be withdrawn from the offer, even if acceptance or payment is delayed.
• Non-resident holders, and other holders who need approvals to tender, must submit copies of those approvals; the acquirer reserves the right to reject such shares if approvals are not submitted.

Financial arrangements in the update

• Bank guarantees from State Bank of India: INR 173,00,00,000/- and INR 75,00,000/-, aggregating INR 173,75,00,000/-.
• Cash escrow amount: INR 9,76,00,000/- as initial cash escrow and INR 15,00,000/- as additional cash escrow, aggregating INR 9,91,00,000/-.

Regulatory position as per the update

• The Competition Commission of India, by its letter dated September 23, 2026, determined that the proposed transaction does not constitute a "combination" under the Competition Act, 2002.
• The acquirer has received the CCI letter, and SEBI permitted the tendering period to commence not later than twelve working days from the date of receipt of approval of the CCI, subject to the acquirer paying interest for the delay at ten percent per annum.

The decision to tender or not rests with each public shareholder, and the update states that the acquirer and the manager make no assurance with respect to the market price of the equity shares.

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