Amber Enterprises India Limited announced that its material subsidiary, IL JIN Electronics (India) Limited, has executed a share swap agreement to acquire the remaining 40% equity stake in Power-One Micro Systems Private Limited. This transaction converts Power-One into a wholly owned subsidiary of IL JIN and Amber Enterprises.

The agreement was signed on October 18, 2026. IL JIN will acquire 1,75,680 equity shares from four sellers: Mr. Ramanna Rajesh Mayasandra, Mr. Harsha Venkatesh, Dwaith Advisory Private Limited, and Mrs. Doddabidere Honappa Veena. In exchange, IL JIN will issue and allot 1,76,000 Compulsorily Convertible Preference Shares (CCPS A3) to these sellers.

Transaction Structure and Consideration

The acquisition is structured as a non-cash consideration deal. IL JIN is issuing CCPS A3 shares with a face value of ₹10 each at an issue price of ₹10,000 per share, which includes a premium of ₹9,990 per share. The sellers previously held the balance equity in Power-One, while IL JIN already held a 60% stake prior to this transaction.

The transaction qualifies as a related party transaction because Mr. Mayasandra serves as the Managing Director of Power-One, and other sellers are connected to directors or existing management. The company stated that the transaction is being undertaken on an arm's length basis.

Target Entity Profile

Power-One Micro Systems, incorporated in 1998, operates in the power electronics and renewable energy sector. Its product portfolio includes solar inverters, uninterruptible power supplies (UPS), battery energy storage systems (BESS), and EV chargers. The company is based in Bengaluru, Karnataka.

What the Numbers Show

The turnover data reveals a consistent upward trajectory for Power-One over the last three fiscal years. Revenue expanded from ₹18,487.25 lakh in FY24 to ₹27,001.50 lakh in FY26. By consolidating the remaining 40% stake, Amber Enterprises fully integrates this growing revenue stream into its core operations without deploying cash reserves, utilizing a share swap mechanism to preserve liquidity while strengthening control over the power electronics segment.

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.