RIR POWER ELECTRONICS LIMITED — Capital/Financing Update 2021

Dec 28, 2021

RUTTONSHA INTERNATIONAL RECTIFIER LIMITED ^I

1. v REGD. / CORPORATE OFFICE : 139/141, Soiaris 1, B-Wing, 1st Floor, Saki Vihar Road, Powai, Andheri (East), Mumbai - 400 072. Maharashtra Tel. : +91-22 28471956,57,58 Fax : +91-22 28471 959 E-mail : admin@nrttonsha.com Website: www.ruttonsha.com CIN : L31109MH1969PLC014322

Tel. : +91-2676 2471 85 / 247035 / 247094 / 247362 E-mail : rirbsk@ruttonsha.com

1- Ref. RIR/SEC/13403/2021 28th December, 2021

Bombay Stock Exchange Limited

Corporate Relationship Department, lSt Floor,Rotunda Building, P. J. Towers, Dalal Street, Mumbai-400001

Scrip Code

Subject : Acquisition of 100% stake of Visicon Power Electronics Private Ltd.

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RUTTONS"* s An Is0 90012Ol5 Campmy Reg. Outcome of Board Meeting - Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5

Dear Sir1 Madam,

We would like to inform you that the Board of Directors at its meeting held today i.e. Tuesday, 28th December, 2021, approved acquisition of 100% stake in Visicon Power Electronics Private Limited (Visicon Power) i. e. 21,03,834 Equity Shares for cash consideration of Rs. 2,10,38,340/ -(Rupees Two Crores Ten Lacs Thirty Eight Thousand Three Hundred and Forty only) based on valuation done by registered valuer stating fair value of shares at Rs.101- per share, thereby making Visicon Power, a wholly owned subsidiary of the Company.

Visicon Power was incorporated in lndia on 24th July, 2020 as a wholly owned subsidiary of Silicon Power Corpocation, U.S.A. Visicon power is into the business of manufacturing Silicon Carbide (Sic) wafers and power electronic devices. It is in the process of setting up its plant near Baska, Halol, Gujarat. It has received PLI (Production Linked Incentive) Scheme approval from the Government of lndia. It has also made an application for Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) of Government of lndia for setting up Sic based manufacturing facility in lndia. The Company expects to receive approval under SPECS scheme in couple of months' time. It is expected to start its commercial production from F.Y. 2022-23 onwards.

The aforesaid acquisition is for ease of business operations which will further enable Ruttonsha to acquire latest technology and widen its product reach across diverse business vertical of semiconductors. C.

The disclosure pursuant to Regulation 30 read with Para A of Part A of SEBI (LODR) Regulations, 201 5 is enclosed herewith alongwith Press /Media Release on the above subject.

Kindly take the same on record and acknowledge the receipt for the same.

Thanking you. Yours faithfully, For Ruttonsha International Rectifier Ltd.

Bhavin P Rambhia 1

Sr.No.	Disclosure Requirements	Disclosure by the Company
1	Name of the target entity, details	Name: Visicon Power Electronics
	in brief such as size, turnover	Private Limited (Visicon Power)
	etc.;	I Paid up Equity Capital: 21,03,834
		10 equity share of each Rs.
		agqregating to Rs. 2,10,38,340/-
		Turnover: Yet to start the business
		operations I
2.	Whether the acquisition would fall	Yes. The stake in Visicon Power is
	within related party transaction(s)	being acquired from Silicon power
	and whether the promoter1	Corporation, U.S.A. who are part of
	promoter group1 group companies	the Promoter/ Group entitles of the
	have any interest in the entity	Company.
	being acquired? If yes, nature of	The deal transaction based on is
	interest and details thereof and	valuation report obtained from
	whether the same is done at "arms-length"	Registered Valuer for the purpose, and hence it is done on arm's length basis.
3.	Industry to which the entity being	Power Electronics i.e. Semiconductors
	acquired belongs;
4.	Objects and effects of acquisition	Visicon Power shall manufacture
	(including but not limited to,	Silicon Carbide based devices, and the
	disclosure of reasons for	acquisition of its entire stake is likely
	acquisition of target entity, if its	to result in operational efficiency and
	business is outside the main line	synergy.
	of business of the listed entity);
5.	Brief details of any governmental	Not Applicable 1
	or regulatory approvals required
	for the acquisition;
6.	Indicative time period for	Will be completed within a reasonable q-t -
	completion of the acquisition,;	time period
7.	Nature of consideration - whether cash consideration or share swap	Cash consideration
	and details of the same
8.	Cost of acquisition or the price at	Rs.2,10,38,340/- (at face value)
	which the shares are acquired	I
9.	Percentage of shareholding	100%
	control acquired and / or number
	of shares acquired	%.
10,	Brief background about the entity	: Date of Incorporation 24fh July, 2020
	acquired in terms of productslline
	of business acquired, date of	Product1 Line of business : Business of
,	incorporation, history of last 3 years turnover, country in which and any other significant information (in brief)	manufacturing Silicon Carbide (Sic) based power electronic devices. the acquired entity has presence Visicon Power is yet to commence its commercial production. It isexpected to start its commercial- production from F.Y. 2022-23 onwards.

Ruttonsha forays into Silicon Carbide (SiC) by acquiring 100% stake in Visicon Power Electronics Private Limited

Synopsis

• Ruttonsha acquires 100% stake in Visicon Power Electronics Private Limited (Visicon Power).
• Visicon Power is in process of setting up manufacturing facility for SiC wafers and devices through Epitaxial (EPI) process.
• Visicon Power has imported EPI furnace from LPE, Italy and it is in the process of installation of the same at its Plant located at Baska, Halol, Gujarat.
• Visicon Power has received PLI (Production Linked Incentive) Scheme approval from the Government of India for period of 5 years from FY 2021-22 to FY 2026-27. The incentive will accrue subject to fulfilling of turnover criteria.
• Visicon Power has also made an application for Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) of Government of India for setting up SiC based manufacturing facility in India.
• Visicon power expects to commence its commercial production from F.Y. 2022-23 onwards.

Mumbai, 28th December, 2021 : Ruttonsha International Rectifier Limited has acquired 100% stake in Visicon Power Electronics Private Limited (Visicon Power). Visicon Power was incorporated in India on 24th July, 2020 as a wholly owned subsidiary of Silicon Power Corporation, U.S.A. Visicon Power is into the business of manufacturing Silicon Carbide (SiC) wafers and power electronic devices through Epitaxial process. It is in the process of setting up its plant near Baska, Halol, Gujarat. It has received PLI (Production Linked Incentive) Scheme approval from the Government of India. It has also made an application for Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) of Government of India for setting up SiC based manufacturing facility in India. The Company expects to receive approval under SPECS scheme in couple of months' time. Visicon Power has imported EPI furnace from LPE Italy and is in the process of installing the same at its plant located at Baska, Halol, Gujarat. It expects to start the commercial production from F.Y. 2022-23 onwards.

The aforesaid acquisition is for ease of business operations which will further enable Ruttonsha to acquire latest technology and widen its product reach across diverse business vertical of semiconductors.