Amber Enterprises India540902Stake acquisition deal

IL JIN Electronics signs share swap agreement to buy remaining 40% of Power-One

IL JIN Electronics (India) Ltd, a material subsidiary of Amber Enterprises, has entered into a Share Swap Agreement on 18th October 2026.

By ScoutQuest · Sun 18 Oct 2026, 4:48 PM IST · 2 min read

40%Balance stake in Power-One on fully diluted basis

Balance stake in Power-One on fully diluted basis: 40%.

Stake Acquired: 1,75,680 equity shares of Power-One Micro Systems — the balance 40% stake on a fully diluted basis
Consideration: 1,76,000 CCPS A3 of face value Rs. 10 each at Rs. 10,000 per CCPS A3, including a premium of Rs. 9,990 per CCPS A3
Ownership Change: IL JIN already holds 60%; after completion Power-One becomes a wholly owned subsidiary

Amber Enterprises India Ltd informed the exchanges that its material subsidiary, IL JIN Electronics (India) Limited, has entered into a Share Swap Agreement on 18th October 2026 to buy the remaining equity of Power-One Micro Systems Private Limited.

Sellers and their shares

Mr. Ramanna Rajesh Mayasandra: 1,27,810 equity shares
Mr. Harsha Venkatesh: 34,120 equity shares
Dwaith Advisory Private Limited: 11,000 equity shares
Mrs. Doddabidere Honappa Veena: 2,750 equity shares

Together these are 1,75,680 equity shares, or 40% of Power-One on a fully diluted basis.

What the sellers receive

IL JIN will issue and allot 1,76,000 non-cumulative, non-participating 0.001% Compulsorily Convertible Preference Shares A3 (CCPS A3) of face value Rs. 10 each, at an issue price of Rs. 10,000 per CCPS A3, including a premium of Rs. 9,990 per CCPS A3. No cash consideration is payable for the acquisition.

What Power-One does

It makes solar inverters (on-grid, offgrid and hybrid), Uninterruptible Power Supplies, Battery Energy Storage Systems, EV chargers and other power and energy solutions, and provides related services. It was incorporated on 30th March 1998 with its registered office in Bengaluru, and belongs to the Power Electronics and Renewable Energy industry.

Size of the target company

Authorised share capital: Rs. 50,00,000, being 5,00,000 equity shares of Rs. 10 each
Paid-up share capital: Rs. 43,92,000, being 4,39,200 equity shares of Rs. 10 each
Turnover: Rs. 27,001.50 lakh in 2025-2026, Rs. 23,144.51 lakh in 2024-2025 and Rs. 18,487.25 lakh in 2023-2024

What the company says the acquisition achieves

Make Power-One a wholly owned subsidiary of IL JIN
Simplify and consolidate Power-One's shareholding structure
Strengthen IL JIN's ownership and control over Power-One
Carry out the acquisition through a cash-efficient share swap mechanism

Ownership before and after

IL JIN currently holds 60% of Power-One. On completion of the transaction, IL JIN will hold 100% of the equity share capital of Power-One, which will then become a wholly owned subsidiary of IL JIN and of the Company.

Things a retail reader should note

The transaction is a related party transaction and is being done on an arm's length basis. Mr. Mayasandra Ramanna Rajesh is Managing Director of Power-One and Mrs. Doddabidere Honappa Veena is his spouse; Mr. Harsh Venkatesh is a Director of Dwaith Advisory Private Limited and son of Mr. Venkateshamurthy, a Director of Power-One.
The agreement contains customary representations, warranties, indemnities, covenants and conditions precedent and subsequent for transactions of this nature.
Completion is to take place no later than 10 Business Days from the execution date, or such other date as may be agreed in writing.
No governmental or regulatory approvals are required for the acquisition.
The CCPS A3 are described as non-cumulative, non-participating and carrying a 0.001% coupon.

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