ADV Partners on September 11, 2020 sold a 10.46% stake in Amber Enterprises India Limited (BSE:540902) for INR 6 billion through open market transactions. The secondary sale of shares by the PE firm and the promoter follows the qualified institutional placement (QIP) offering launched, through which the company has raised INR 4 billion. Amber plans to use the proceeds from the QIP for repayment of debt, funding capital expenditure, working capital requirements and for making strategic acquisitions or joint ventures.
Amber Enterprises India Limited is engaged in manufacturing of consumer durable products. The Company is a solution provider for air conditioner original equipment manufacturer (OEM) /original design manufacturer (ODM) industry in India. It designs and manufactures complete refrigeration and air conditioning (RACS) including window air conditioners (WACS) and indoor units (IDUS) and outdoor units (ODUS) of split air conditioners (SACs) with specifications ranging from 0.75 ton to two tons, across energy ratings and types of refrigerants. It also manufactures functional components of RACS that include heat exchangers, motors and multi-flow condensers with other components, such as sheet metal components, copper tubing and including plastic extrusion, vacuum forming and injection molding processes. The Company also manufactures components, other durables, and automobiles, such as case liners for refrigerator, plastic extrusion sheets, and sheet metal components for microwave.