Amber Enterprises Plans To Acquire Ever Electronics
Amber Enterprises India Limited has informed that the board of directors of the company at its meeting approved the proposal for acquiring 70% Equity Share Capital of Ever Electronics Private Limited in one or more tranches. Detailed information is annexed below:
|1||Name of the target entity, details in brief such as size, turnover etc. |
Ever Electronics Private Limited ("EVER") is a Private Limited company incorporated under the provisions of Companies Act, 1956 having its Registered Office in Pune, Maharashtra.
Authorized Share Capital: Rs. 5,50,00,000/- (55,00,000 equity shares of Rs. 10/- each)
Paid Share Capital: Rs. 5,47,44,670/- (54,74,467 equity shares of Rs. lot- each)
Turnover: Rs. 1,41,45,10,273 (For the year ended 31.03.2017)
|2||Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arms length" |
EVER is not a related party viz-a-vis the Company i.e. Amber Enterprises India Limited ("AMBER"). However, Ever is indirectly owned by the erstwhile promoter of IL JIN Electronics (India) Private Limited ("IL uN"), which became subsidiary of Amber on 28.12.2017. The said promoter is a Director on the Board of IL JlN.
The transaction will be done at "Arm's Length"
|3||Industry to which the entity being acquired belongs||Electronics for Air conditioners and other consumer durables, home appliances and automobiles.|
|4||Objects and effects of acquisition (including but not limited to, the disclosure of reasons for the acquisition of target entity, if its business is outside the main line of business of the listed entity)||Enhancing backward integration capabilities for the main line of the Business of the Amber and offering more comprehensive and integrated solutions to the customers.|
|5||Brief details of any governmental or regulatory approvals required for the acquisition||No governmental or prior regulatory approvals are required for the acquisition.|
|6||The indicative time period for completion of the acquisition|
70% of Equity Share Capital of EVER to be acquired in one or more tranches.
The transaction is expected to be completed by end of June 2018
|7||Nature of consideration - whether cash consideration or share swap and details of the same||Cash Consideration|
|8||Cost of acquisition or the price at which the shares are acquired||Rs. 54.799 I- per Equity Share having the face value of Rs. 10 I- each, fully paid up of EVER|
|9||Percentage of shareholding/control acquired and/or number of shares acquired ||70% of Equity Share Capital of EVER is proposed to be acquired in one or more tranches.|
|10||Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, the country in which the acquired entity has a presence and any other significant information (in brief)|
EVER is a Private Limited company incorporated on 2nd August 2004 under the provisions of Companies Act, 1956 having its Registered Office in Pune, Maharashtra, India.
EVER is engaged in the business of assembly of Electronics PCB.
Authorized Share Capital : Rs. 5,50,00,000/- (55,00,000 equity shares of Rs. 10/- each)
Paid Share Capital : Rs. 5,47,44,670/- (54,74,467 equity shares of Rs. io/- each)
Financial Year Amount
2014 - 15 Rs. 90,12,68,140/-
2015 - 16 Rs. 1,17,78,92,718/-
2016 - 17 Rs. 1,41,45,10,273/-