India Sector Consolidation Regulatory Filings — October 18, 2026

Acquisition of remaining 40% stake via 1,76,000 CCPS A3 at Rs. 10,000 per share makes Power-One a wholly-owned step-down subsidiary; no cash outflow and completion targeted within 10 business days

Acquisition of remaining 1.50% stake (23,401 shares) for 13,120 CCPS A2 simplifies shareholding and gives IL JIN full control over an exporting PCB manufacturer serving aerospace, medical and data centre sectors

Two parallel share-swap deals within the same group on the same date indicate a coordinated group-level restructuring to consolidate control of PCB subsidiaries

Use of CCPS rather than cash preserves liquidity at the parent and subsidiary level, a capital-light route to consolidation

Both transactions are with related-party sellers (including Ms. Manju Thomas and Power-One's Managing Director and his spouse), raising questions about valuation fairness despite the arm's length assertion

Filings do not disclose valuation methodology or fair value basis for the CCPS issuance relative to the stakes acquired, limiting investor ability to verify the arm's length claim

Issuance of CCPS A2 and A3 at the subsidiary level could dilute the economic interest attributable to the parent when conversion occurs, depending on conversion terms not disclosed in the summaries

The 40% stake acquisition with 1,76,000 CCPS represents a more material related-party exposure than the Ascent deal, and the Power-One MD's conflicted position as a seller warrants scrutiny of deal governance

Gaining 100% ownership of Power-One and Ascent Circuits positions Amber to capture margin and cash flows from PCB manufacturing without minority leakage once completed

Ascent Circuits exports to global markets across aerospace and defence, medical, automotive, telecom and data centre segments, which are structurally growing end-markets for high-value PCBs

Both deals targeting completion within 10 business days provide a near-term event that could clarify the group's post-consolidation structure and reporting perimeter

Amber is using non-cash CCPS-based share swaps to buy out minority and related-party stakes in its electronics subsidiaries, a structure that conserves cash and simplifies ownership; this pattern is relevant to tracking how Indian promoter groups consolidate subsidiary control

Both deals involve family and promoter-linked sellers, reflecting a recurring governance theme in Indian contract and PCB manufacturing where minority buyouts are executed as related-party transactions requiring careful disclosure of pricing rationale

Completion targeted within 10 business days of 18 October 2026; monitor for filing confirming the 1,76,000 CCPS A3 allotment and resulting wholly-owned status

Completion targeted within 10 business days of 18 October 2026; monitor for issuance of 13,120 CCPS A2 and confirmation of full ownership

Watch for disclosure of conversion ratios, coupon, and redemption terms for CCPS A2 and A3, which will determine eventual dilution and cash implications

Watch for any subsequent independent valuation or audit committee commentary supporting the arm's length characterization of both transactions