Apollo Micro Systems Deposits ₹986.35 Crore In SBI Escrow Account For Premier Explosives Open Offer Covering 26% Stake

Apollo Micro Systems has put ₹986.35 crore in escrow for its open offer to buy 26% of Premier Explosives Limited (PEL). That covers 1.39 crore shares, and the response came in slightly above the ask, with subscriptions running 1.41% over the shares on offer.

The money sits in a special escrow account with the State Bank of India. The offer ran from 12 October 2026 to 26 October 2026, and this update follows the Share Purchase Agreement Apollo signed on 9 July 2026.

Apollo Micro Systems share price opened lower on Monday at ₹392.25, compared with the previous close of ₹401.20, before recovering to ₹398.65 by 10:38 am.

What Happened During The Open Offer?

The offer was made under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Apollo has set aside funds in an escrow account to make payments to shareholders who tender their Premier Explosives shares.

The subscription response is another key detail. Bids came in for more shares than Apollo had proposed to acquire, taking subscriptions above the offer size.

Why Is Apollo Micro Systems Buying More Of Premier Explosives?

The deal is meant to raise Apollo’s stake in PEL. The company wants to fold PEL’s existing expertise and resources into its wider business. For PEL’s public shareholders, the offer gives them a chance to sell on the terms the acquirer announced.

The escrow deposit is only one step in the process and does not mean the entire deal is complete. Further disclosures will clarify the outcome of the offer and the next steps in the acquisition.

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