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 its step-down subsidiary, Power-One Micro Systems Private Limited. This acquisition, valued at approximately ₹1,76,000 Compulsorily Convertible Preference Shares (CCPS A3), will result in Power-One becoming a wholly-owned subsidiary of IL JIN, thereby consolidating Amber Enterprises’ ownership and control in the renewable energy sector.
Consolidation of Ownership in Power-One Micro Systems
Amber Enterprises India Limited has announced a significant step towards consolidating its ownership in Power-One Micro Systems Private Limited. Its material subsidiary, IL JIN Electronics (India) Limited (IL JIN), has entered into a Share Swap Agreement to acquire the balance 40% equity stake in Power-One Micro Systems Private Limited. This strategic move, effective from 18th October 2026, will transform Power-One into a wholly-owned subsidiary of IL JIN.
Transaction Details and Consideration
The Share Swap Agreement involves IL JIN acquiring 1,75,680 equity shares of Power-One from various sellers, including Mr. Ramanna Rajesh Mayasandra, Mr. Harsha Venkatesh, Dwaith Advisory Private Limited, and Mrs. Doddabidere Honappa Veena. In consideration for this acquisition, IL JIN will issue and allot 1,76,000 Compulsorily Convertible Preference Shares (CCPS A3) of face value ₹10 each at an issue price of ₹10,000 per CCPS A3, which includes a premium of ₹9,990 per CCPS A3. No cash consideration will be paid as part of this transaction.
Strategic Rationale and Impact
This acquisition is aimed at simplifying and consolidating the shareholding structure of Power-One, thereby strengthening IL JIN’s ownership and control. The transaction is being conducted on an arm’s length basis. Power-One Micro Systems Private Limited is primarily engaged in the manufacturing of a comprehensive range of products in the power and energy solutions sector, including solar inverters, uninterruptible power supplies (UPS), and Battery Energy Storage Systems (BESS). The acquisition is expected to further integrate these operations under Amber Enterprises’ broader renewable energy strategy.
Related Party Transaction
The transaction has been classified as a related party transaction due to existing group structures and relationships, including Mr. Mayasandra Ramanna Rajesh serving as the Managing Director of Power-One and Mrs. Doddabidere Honappa Veena being his spouse. Mr. Harsh Venkatesh is a Director of Dwaith Advisory Private Limited and the son of Mr. Venkateshamurthy, a Director of Power-one.
Source: BSE
