Amber Enterprises acquires additional 4.6% equity in IL JIN Electronics for ₹33 crore

Amber Enterprises, in a filing to the stock exchanges on June 12, said that the company has paid nearly ₹33.23 crore for the additional stake. No governmental or regulatory approvals are required for the said acquisition as both IL JIN and Hyun Chul Sim are related parties of the company, Amber Enterprises informed the stock exchanges.

Post the acquisition, Amber's shareholding in IL JIN has increased to 90.2% (35.48 lakh shares) from 85.6% (33.67 lakh shares) earlier.

Amber Enterprises said that the acquisition was strategic in nature with an aim to increase equity stake in its subsidiary IL JIN.

Amber Enterprises had initially bought out IL JIN Electronics in November 2017 by purchasing a 70% stake in the company from Hyun Chul Sim for approximately ₹55 crore. Subsequently, it has kept raising its stake in the company.

IL JIN is majorly engaged in the business of manufacturing, assembling, or dealing in the printed circuits board assemblies and printed circuit boards for various industries.

It had recorded a turnover of ₹913.37 crore in FY 2023-24, compared with ₹880.39 crore in FY 2022-23 and ₹427.17 crore in FY 2021-22.

On Thursday, Amber Enterprises shares dropped as much as 2.3% in intra-day trade to hit a low of ₹3,981.65 apiece on the National Stock Exchange of India (NSE). However, the stock later recovered to trade flat at ₹4,066.40, down 0.3%, at 12:50 pm.

Established in 1990, Amber Enterprises India Ltd is the backward-integrated market leader in the Indian Room Air Conditioner (RAC) industry. The company has a presence across both the components space and finished goods in the HVAC (heating, ventilation, and air conditioning) industry. Its product portfolio includes Room AC, critical components, and mobility applications for railways, metros, buses, and defence, among others.