Accepting a request by the Promoters of EVER, the company has extended the timeline to complete the acquisition of balance stake of 51 per cent by March 31, 2019 in one or more tranches.
Original equipment manufacturer Amber Enterprises India Ltd. has extended the timeline to complete the acquisition of Ever Electronics Private Limited (‘EVER’).
Based in Pune, EVER manufactures electronic printed circuit boards for air conditioners and consumer durables.
Amber had earlier announced regarding the acquisition of EVER to the extent of 70 per cent by the end of December 31, 2018 in one or more tranches.
According to a report by Equity Bulls, EVER became the subsidiary of Amber in terms of section 2 (87) of the Companies Act, 2013 by securing the right to appoint majority of directors on the board of EVER vide Letter Agreement dated October 1, 2018 and simultaneously exercising the right to appoint majority of the directors on the board of EVER.
Request for extension of time limit
Amber has so far acquired only 19 per cent stake in the share capital of EVER.
The Promoters of EVER, as per the report, has requested for extension of time limit for completing the Conditions Precedent to enable Amber to acquire balance 51 per cent of stake of total Share Capital of EVER.
Accepting their request, the company has extended the timeline to complete the acquisition of balance stake of 51 per cent by March 31, 2019 in one or more tranches.
Amber Enterprises India Limited operates as a room air conditioner (RAC) original equipment manufacturer/original design manufacturer for various brands in India. It manufactures integrated solutions for RACs, indoor units, outdoor units, and split and window air conditioners; and inverter RACs.
The company also offers functional components of RACs, such as heat exchangers, motors, and multi-flow condensers electronic invertor printed circuit boards (PCBs); and other RAC components comprising sheet metal components, system tubing, PCBs, and injection molding components.