Amber Enterprises India Limited has entered into the definitive agreements with Pasio India Private Limited ('Pasio') and acquired 73% stake in the equity share capital of Pasio, which is engaged in the business of (i) cross flow fans and its plastic parts, (ii) fans and fan guard for outdoor units of room air conditioners, (iii) plastic parts for water dispenser and refrigeration applications (other than automobile industry) and (iv) plastic parts for seats of trucks, tractors and buses ('Business'). The Business is being acquired by Pasio from Pee Aar ("a private limited company"), one of the leading cross flow fans manufacturer in India along with other plastic components for various industries, on slump sale basis during the financial year 2021-22.
By virtue of the aforesaid acquisition of 73% stake in equity share capital of Pasio, the Pasio has become a subsidiary of Amber Enterprises India Limited with effect from 1 December 2021.
The acquisition of the equity shares of the Pasio has been done at a mutually agreed premoney enterprises valuation. The said premoney enterprise valuation has not been disclosed herein due to reasons of confidentiality.
This acquisition will help Amber Enterprises India Limited to grow its component segment with focus on providing more backward integrated solution in key component of RAC segment viz. cross flow fan along with solution of Injection molding component for other industries viz. refrigeration and automobile segment.
Shares of Amber Enterprises India Limited was last trading in BSE at Rs. 3052.20 as compared to the previous close of Rs. 3033.85. The total number of shares traded during the day was 2126 in over 955 trades.
The stock hit an intraday high of Rs. 3114.95 and intraday low of 3037.25. The net turnover during the day was Rs. 6499252.00.