Amber Enterprises Ltd. announced that it has entered into definitive agreements for the acquisition of a controlling stake in Unitronics (1989) (R”G) Ltd., a company incorporated in Israel.
Amber informed in its filing with the bourses that it has signed definitive agreements through its electronic counterpart, ILJIN Electronics.
Following this development, the company’s counter touched an intraday high of ₹7,479, about 4% higher than its previous closing price.
The three companies ILJIN, FIMI Opportunity V, KP, and Haim Shami of Unitronics struck the deal.
As per reports, Amber will acquire about 40.24% controlling stake of Unitronics’ issued and outstanding share capital. After completion of this transaction, Amber will own a 45.13% stake in Unitronics with Haim Shami.
The acquisition will be done at a price of ₹15.60 Crore Israeli New Shekel, aggregating to ₹404 Crore (1 Israeli New Shekel is worth ₹25.89). The company expects to complete this acquisition within a period of 60 business days from the date of signing the agreement.
Amber also stated that the proposed acquisition is in line with the strategy of its electronics division for expansion into industrial applications.
At around 2.25 PM, Amber Enterprises was trading 2.52% higher at ₹7,457 per piece, against the previous close of ₹7,273.50 on NSE.
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