Author: Nishtha Mehrotra | EQMint
Synopsis:
- Apollo Micro Systems deposited ₹986.35 crore in an escrow account to pay public shareholders of Premier Explosives.
- Its open offer for 26% of Premier Explosives closed on October 26, 2026, with an oversubscription of 1.41%.
- The next steps include shareholder payments and completion of the share transfer.
Apollo Micro Systems Limited has deposited ₹986.35 crore into a special escrow account maintained with State Bank of India (SBI) to fund its open offer for public shareholders of Premier Explosives Limited.
The deposit follows the closure of the open offer on October 26, 2026. The offer covered 1,39,77,600 equity shares, representing 26% of Premier Explosives’ equity, and was made under SEBI’s Substantial Acquisition of Shares and Takeovers Regulations, 2011.
The offer opened on October 12 and was oversubscribed by 1.41%, indicating that shareholders tendered slightly more shares than the number sought by Apollo Micro Systems.
Based on the total escrow deposit and the number of shares covered, the implied offer price works out to approximately ₹706 per share.
The latest exchange filing updates investors on the funding arrangement. Attention now shifts to the payment of accepted shares and completion of the acquisition process.
Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e9168e5f-523b-4a78-a746-b4e75957b8a9.pdf
Disclaimer: This article is for information purposes only and is not investment advice.
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