IL JIN Electronics to buy remaining 1.50% of Ascent Circuits in a share swap; Ascent to become 100% subsidiary
Amber's material subsidiary IL JIN Electronics has signed a Share Swap Agreement on 18 Oct 2026 to buy the remaining 1.50% stake in Ascent Circuits — 23,401 equity shares — by issuing 13,120 CCPS A2 at Rs. 10,000 each.
By ScoutQuest · · 3 min read
- Stake Acquired
- 23,401 equity shares — balance 1.50% of Ascent Circuits on a fully diluted basis
- Consideration Structure
- 13,120 CCPS A2 at Rs. 10,000 each (face value Rs. 10, premium Rs. 9,990); no cash payable
- Target Turnover
- Rs. 40,187 lakh in 2025-2026; Rs. 32,517 lakh in 2024-2025
What was announced
Amber Enterprises India Ltd's material subsidiary, IL JIN Electronics (India) Limited, has entered into a Share Swap Agreement on 18th October 2026 with Ms. Manju Thomas (Seller), Mr. Mampra Chacko Thomas and Ascent Circuits Private Limited. The purpose is to buy the remaining stake in Ascent Circuits, a step-down subsidiary, so that it becomes fully owned.
The transaction in numbers
- IL JIN will acquire 23,401 equity shares of Ascent Circuits, representing the balance 1.50% of its equity share capital on a fully diluted basis.
- The consideration is being discharged by issuing and allotting 13,120 Compulsorily Convertible Preference Shares (CCPS A2) to the Seller.
- Each CCPS A2 has a face value of Rs. 10 and is being issued at Rs. 10,000 per CCPS A2, which includes a premium of Rs. 9,990 per CCPS A2.
- IL JIN presently holds 98.50% of Ascent Circuits. After the transaction it will hold 100%, and Ascent Circuits will become a wholly owned subsidiary of IL JIN and of the Company.
- The consideration is a share swap; no cash consideration is being paid.
About Ascent Circuits
The target was incorporated on 01st February 1999, with its registered office at I.T.I. Industrial Estate, Mahadevpur, Bangalore, Karnataka. It makes Printed Circuit Boards (PCBs) — single sided, double sided, multi-layered and RF PCBs — for aerospace and defence, medical, energy, automotive, telecom, data centres, consumer electronics, IT and lighting, and also exports to global markets.
- Authorised share capital: Rs. 2,50,00,000 divided into 25,00,000 equity shares of face value Rs. 10 each.
- Paid-up share capital: Rs. 1,56,00,000 divided into 15,60,000 equity shares of face value Rs. 10 each.
- Turnover: Rs. 40,187 lakh in 2025-2026, Rs. 32,517 lakh in 2024-2025 and Rs. 26,320 lakh in 2023-2024.
Points for investors to note
- This is a related party transaction — the Seller, Ms. Manju Thomas, is a related party of IL JIN and a shareholder of Ascent Circuits — and it is being undertaken on an arm's length basis.
- The stated objects are to make Ascent Circuits a wholly owned subsidiary of IL JIN, to simplify and consolidate its shareholding structure, and to use a cash-efficient share swap mechanism.
- Completion is to take place no later than 10 Business Days from the execution date of the Share Swap Agreement, or such other date as the parties agree in writing.
- No governmental or regulatory approvals are required for the acquisition, per the disclosure.
How to read this
This is a small balance-stake purchase that takes an already-controlled PCB maker to full ownership. Because the consideration is preference shares rather than cash, the listed company's subsidiary does not pay out money, but the Seller receives CCPS A2 that can later convert into equity. The turnover figures given for Ascent Circuits help you judge the size of the business being consolidated under IL JIN.
Also from Amber Enterprises India
IL JIN Electronics to buy balance 40% of Power-One Micro Systems via 1,76,000 CCPS share swap
18 Oct 2026
IL JIN Electronics signs share swap agreement to buy remaining 40% of Power-One
18 Oct 2026
Amber's IL JIN to acquire remaining 1.50% of Ascent Circuits via CCPS share swap, making it 100% subsidiary
18 Oct 2026
More numbers
- Equity shares of Ascent Circuits to be acquired23,401 equity shares
- Balance stake acquired on fully diluted basis1.50%
- CCPS A2 to be issued and allotted13,120
- Issue price per CCPS A2Rs. 10,000 per CCPS A2
- Premium per CCPS A2Rs. 9,990 per CCPS A2
- IL JIN's current shareholding in Ascent Circuits98.50%
- Ascent Circuits turnover FY 2025-202640,187 (Rs. in Lakh)
- Ascent Circuits paid-up share capitalRs. 1,56,00,000/-
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