India Merger Acquisition MCA Regulatory Filings — October 18, 2026

Acquisition of remaining 1.50% stake (23,401 shares) from Ms. Manju Thomas via 13,120 CCPS A2 at Rs. 10,000 each; makes Ascent Circuits wholly-owned and simplifies control, but no valuation multiple or period financials provided

Acquisition of remaining 40% stake (1,75,680 shares) via 1,76,000 CCPS A3 at Rs. 10,000 each from four related-party sellers, converting a step-down subsidiary to wholly-owned status with completion targeted within 10 business days

Both deals use zero-cash consideration, preserving liquidity while increasing the Company's effective ownership of PCB subsidiaries, a capital-light consolidation approach

Both transactions involve related parties on both sides (Ms. Manju Thomas; Mr. Mampra Chacko Thomas as Ascent director; Power-One's Managing Director Mr. Mayasandra and spouse Mrs. Veena among four sellers); arm's length assertion is unsupported by any disclosed valuation or independent fairness opinion in the filings

CCPS A2 and A3 are issued at a nominal Rs. 10,000 per instrument, and the implied equity value of the minority stakes is not disclosed, so minority-holder dilution and whether the swap ratio is fair cannot be verified from the filings

Completion is targeted within 10 business days, but no conditions precedent or shareholder/board approval status beyond the agreement date are specified in the enriched extracts

Moving Ascent Circuits and Power-One to 100% ownership removes minority leakage on export-oriented PCB businesses serving Aerospace & Defence, Medical, Automotive, Telecom and Data Centre end-markets, a potential earnings-attribution upside if these units grow

Eliminating step-down and minority layers at the IL JIN level could ease future intra-group financing, listing or restructuring options, though no such plan is stated in the filings

Full ownership of Power-One (incorporated 1998, Bangalore) gives the group unrestricted control over a 40%-minority asset; monitor for any subsequent disclosed capex or capacity plans, which were not provided in this extract

Both transactions reflect a pattern of promoter-linked entities consolidating subsidiary control via preference-share swaps rather than cash acquisitions, which conserves cash but elevates related-party scrutiny and governance review by minority investors and proxy advisers

Use of CCPS A2/A3 instruments at Rs. 10,000 face value for step-up acquisitions indicates a structuring preference for deferred-convertible equity over cash, a theme worth tracking across EMS and PCB peers for similar intra-group consolidations

Share swap completion expected within 10 business days of 18 October 2026, so watch for the completion filing confirming 13,120 CCPS A2 issuance and wholly-owned status (approx. by early November 2026)

Completion of the 1,76,000 CCPS A3 issuance for the 40% stake, targeted within 10 business days of 18 October 2026, with attention to whether any sellers' related-party disclosures or board-level approvals are updated

Review the CCPS A2 and A3 terms (conversion ratio, dividend, redemption) in subsequent disclosures to quantify the economic cost of the swaps and any future dilution to Amber's equity

Check upcoming quarterly related-party transaction disclosures and audit committee minutes for independent valuation support supporting the arm's length claim

Use the next earnings release to see whether consolidated PCB subsidiary performance and minority-interest adjustments change following the transactions

Monitor MCA and NCLT records for any formal scheme of arrangement or amalgamation linked to these share swaps, since the stream is focused on schemes and the current filings are share-swap agreements