The Board of directors of Amber Enterprises India Ltd at its meeting held today 22 March 2019, has approved the proposal to enter into the definitive agreements for acquiring eighty percent (80%) stake upfront in the equity share capital of Sidwal Refrigeration Industries Private Limited ('Sidwal'), which will include in it, the business of Sidwal Technologies.
This acquisition will strengthen Amber's leadership and market presence in the air conditioner space in India and it will create a platform providing unmatchable, high quality and price competitive product offering for mobile applications, railways, metro, bus, telecom and defence applications.
Sidwal is engaged in the business of manufacturing and sale of Heating, Ventilation, Air Conditioning and Refrigeration equipment for mobile applications such as railway coaches, metro coaches, buses, telecom, commercial refrigeration and related components.
Sidwal has manufacturing facilities located in Faridabad, Haryana and Kala Amb, Himachal Pradesh.
Shares of Amber Enterprises India Ltd was last trading in BSE at Rs.792.35 as compared to the previous close of Rs. 792.7. The total number of shares traded during the day was 583 in over 76 trades.
The stock hit an intraday high of Rs. 799.6 and intraday low of 782.05. The net turnover during the day was Rs. 459547.