Apollo Micro Systems to Acquire 41.33% Stake in Premier Explosives for ₹1,550 Cr

Apollo Micro Systems Limited announced its Board of Directors has approved the execution of a Share Purchase Agreement (SPA) to acquire 41.33% of Premier Explosives Limited (PEL) from its promoters for ₹1,550 Crores. This acquisition will also grant Apollo Micro Systems control over PEL. Consequently, the company will make a mandatory open offer to public shareholders for up to 26% of PEL's equity. The deal is subject to regulatory approvals, including from the Competition Commission of India, and other conditions precedent. The acquisition aligns with Apollo Micro Systems' strategy to build an integrated indigenous defense ecosystem. Premier Explosives is involved in manufacturing solid propellants for missile programs and supplying countermeasure systems to defense, aerospace, and mining sectors. The transaction is expected to be completed within 5 months.