Premier Explosives Limited is the target of Apollo Micro Systems Limited's proposed open offer for up to 1.40 crore shares, with SEBI stipulating the tendering period must start within 12 working days of CCI approval and payment within 10 working days of closure, following Apollo Micro Systems' July Share Purchase Agreement to acquire 41.33% or 2.22 crore shares for Rs 1,550 crore and gain control.