Apollo Micro Systems to acquire majority stake in Premier Explosives
Apollo Micro Systems has signed an agreement to acquire a 41.33% stake in Premier Explosives for approximately ₹1,550 crore. The acquisition aims to combine capabilities in defence systems and high-energy materials.
Why it matters
This consolidation in the defence manufacturing sector reflects India's push for technological self-reliance and scaled production.
Defence technology company Apollo Micro Systems has signed a definitive share purchase agreement to acquire 41.33% stake for around ₹1,550 in another Hyderabad-based Premier Explosives that manufacturers high energy materials for defence, aerospace and mining sectors.
Apollo Micro Systems is also making a mandatory open offer to the eligible public shareholders of Premier Explosives for the acquisition of up to 26% fully diluted voting equity share capital. This acquisition will be at ₹698 per share aggregating to a little over ₹975.65 crore.
On Friday Apollo Micro Systems shares closed 2.57% higher at ₹408.85 each on the BSE, while Premier Explosives shares ended the day 3.86% lower at ₹687.15 apiece.
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