Amber Enterprises India Limited announced that its material subsidiary, IL JIN Electronics (India) Limited, has acquired the remaining 1.50% equity stake in Ascent Circuits Private Limited. The transaction, executed on October 18, 2026, converts Ascent Circuits into a wholly owned subsidiary of the group.

The acquisition was structured as a share swap rather than a cash purchase. IL JIN issued and allotted 13,120 Compulsorily Convertible Preference Shares (CCPS A2) to the seller, Ms. Manju Thomas. These shares carry a face value of ₹10 each and were issued at a price of ₹10,000 per share, including a premium of ₹9,990. This mechanism allowed the company to consolidate ownership without utilizing cash reserves.

Transaction Structure and Consideration

The agreement involves IL JIN acquiring 23,401 equity shares of Ascent Circuits from Ms. Manju Thomas. Prior to this deal, IL JIN held 98.50% of the shareholding in Ascent Circuits. The completion of this acquisition ensures 100% control over the entity, simplifying the corporate structure and strengthening operational oversight.

The transaction is classified as a related party transaction because the seller is a shareholder of Ascent Circuits and Mr. Mampra Chacko Thomas, the director of Ascent Circuits, is also a party to the agreement. The company stated that the deal was conducted on an arm's length basis.

Target Company Profile

Ascent Circuits Private Limited is a manufacturer of Printed Circuit Boards (PCBs) based in Bengaluru. The company serves diverse sectors including Aerospace & Defence, Medical, Energy, Automotive, Telecom, and Consumer Electronics. It produces single-sided, double-sided, multi-layered, and RF PCBs, with exports to global markets.

The target company has shown consistent revenue growth over the last three fiscal years. The following table outlines the turnover trends disclosed in the filing:

What the Numbers Show

A close look at the financial trajectory reveals a significant acceleration in growth for Ascent Circuits. Turnover expanded by approximately 23.6% in FY26 compared to FY25, marking a sharper increase than the ~23.5% growth seen between FY24 and FY25. This sustained double-digit expansion suggests robust demand for its PCB products across key industrial verticals. By consolidating full ownership through a non-cash instrument, Amber Enterprises enhances its control over a rapidly growing asset while preserving liquidity.

Amber Enterprises India Limited appointed Satendra Singh as Chief Executive Officer and Whole-Time Director of its material subsidiary, IL JIN Electronics (India) Limited, effective October 16, 2026. The appointment marks a strategic leadership transition at the electronics manufacturing arm, with Singh serving a term of five consecutive years.

Leadership Transition Details

The change in board composition was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Alongside Singh’s appointment, Sanjay Kumar Arora ceased to hold the office of Whole-Time Director of IL JIN with effect from the close of business hours on October 16, 2026.

According to the filing, Arora’s cessation resulted from an inter-group transfer involving a change in his role and responsibilities within the Amber Group. The company stated that Arora will continue to be associated with the group, providing strategic guidance and mentorship to the management team.

Profile of Satendra Singh

Satendra Singh brings over 35 years of experience in global supply chain and electronics manufacturing across consumer, industrial, telecommunications, and EMS industries. His career began in 1989 as an engineer at Tektronix, followed by roles at C-DOT, Samsung, and APC by Schneider Electric.

Prior to joining IL JIN, Singh served as CEO of Syrma SGS Technology Limited, a listed EMS company. During his tenure there, he led the newly merged entity and drove revenue growth by shifting the portfolio toward higher-margin segments such as automotive, industrial, and railways.

Singh also spent 15 years in global leadership roles at Nokia, where he built and scaled India’s largest telecom infrastructure manufacturing facility in Chennai into a billion-euro global supply hub serving more than 35 countries. He previously held global roles in strategy and hardware service delivery, including overseeing operations across more than 50 countries from Finland. Additionally, he built and scaled Flex International’s mobile manufacturing business in India with full P&L responsibility.

Regulatory Disclosure

Amber Enterprises submitted the necessary disclosures to BSE Limited and National Stock Exchange of India Ltd. The intimation included detailed profiles and reasons for the changes as required under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The resignation letter from Sanjay Kumar Arora was enclosed as Annexure B1, citing no other material reasons for his departure beyond the inter-group transfer.