Transaction Details

Share Purchase Agreements (SPAs) were executed on 18th June 2026 among IL JIN Electronics (India) Private Limited (a material subsidiary of Amber Enterprises India Limited), Ascent Circuits Private Limited (a subsidiary of IL JIN and step-down subsidiary of Amber), Mr. Manjunath Punyamurthy, and other shareholders of Ascent Circuits.

Acquisition Terms

IL JIN proposed to acquire an additional 38.50% equity stake in Ascent Circuits in one or more tranches, resulting in an increase of its shareholding from 60% to 98.50%. The total consideration for the 38.50% equity stake is ₹336.75 crore, payable in cash.

Transaction Timeline

The acquisition of 37.50% equity stake will be completed on or before 19th June 2026, or such other date as may be mutually agreed in writing between the parties. The acquisition of the remaining 1% equity stake shall be completed on or before 30th June 2026, or such other date as may be mutually agreed.

Target Company Details

Ascent Circuits Private Limited is a company incorporated on 1st February 1999 under the Companies Act 1956, with registered office at B-13, I.T.I. Industrial Estate, Mahadevpur, Bangalore, Karnataka, India – 560048. The company is engaged in manufacturing Printed Circuit Boards (PCBs), specializing in single-sided, double-sided, multi-layer, RF, flexible, and specialty PCBs for diverse electronics applications.

Financial Details of Ascent Circuits

  • Authorized Share Capital: ₹2,50,00,000
  • Paid-up Share Capital: ₹1,56,00,000
  • Turnover:
  • FY 2025-2026: ₹40,187 lakh
  • FY 2024-2025: ₹32,517 lakh
  • FY 2023-2024: ₹26,320 lakh

Related Party Transaction Status

The acquisition falls within the ambit of related party transaction(s) in terms of Regulation 2(1)(zb) read with Regulation 2(1)(zc) of the SEBI (LODR) Regulations, 2015 and Section 2(76) of the Companies Act, 2013, since Ascent is a subsidiary of IL JIN and a step-down subsidiary of Amber. The transaction is stated to be done at arm's length.

Strategic Rationale

The acquisition aims to achieve near-complete ownership and effective control over Ascent Circuits, consistent with IL JIN's long-term objective of strengthening its position in the electronics sector and enhancing operational synergies through closer operational alignment and streamlined governance.

Regulatory Aspects

No governmental or regulatory approvals are required for the acquisition. There are no special or continuing rights under the SPAs, such as right to appoint directors, first right to share subscription, or right to restrict any change in capital structure.

Corporate Structure Impact

Post-acquisition, IL JIN will hold 98.50% of Ascent Circuits, representing near-complete ownership. Ascent Circuits will remain a step-down subsidiary of Amber Enterprises India Limited.