Divya Agarwal
Mumbai (Maharashtra) [India], November 2: Apollo Micro Systems Limited (AMSL) has announced the deposit of ₹986.35 crore into a special escrow account with State Bank of India towards the acquisition of shares in Premier Explosives Limited (PEL), marking a significant development in its ongoing acquisition process.
In a regulatory filing to the stock exchanges on Monday, the company informed that its open offer to acquire 1,39,77,600 equity shares, representing 26% of Premier Explosives’ equity share capital, received an encouraging response from public shareholders.
The open offer, which commenced on October 12, 2026, and concluded on October 26, 2026, was oversubscribed by 1.41%, reflecting shareholder participation beyond the shares targeted for acquisition.
The company confirmed that the entire purchase consideration of ₹986.35 crore has been deposited into a special escrow account maintained with State Bank of India to facilitate payments to eligible public shareholders.
The development follows the Share Purchase Agreement signed on July 9, 2026, under which Apollo Micro Systems initiated the acquisition process involving Premier Explosives.
The open offer was conducted in accordance with Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The latest disclosure represents another step towards completing the acquisition process, with investors likely to monitor subsequent developments concerning the transaction and its implications for Apollo Micro Systems.
