Mumbai, July 10 -- However, Premier Explosives declined 2.03% to Rs 700.25 on the BSE.

Under the agreement, Apollo Micro Systems will acquire 2,22,21,735 equity shares of face value Rs 2 each from the promoters of Premier Explosives. Following the acquisition, the company will gain control of Premier Explosives and will launch a mandatory open offer to acquire up to a 26% stake from eligible public shareholders at Rs 698 per equity share, in accordance with SEBI (SAST) Regulations.

According to Apollo Micro Systems, the transaction combines the complementary capabilities of both companies in defence systems and energetic materials, enabling operational efficiencies, enhanced research and development and broader participation in defence ...