Allotment of Equity Shares on Preferential basis for consideration other than cash
Awaiting price reaction for this filing.
Onix Solar Energy has allotted 1,85,13,885 equity shares at Rs. 264 per share (face value Rs. 10, premium Rs. 254) to Onix Renewable Limited on a preferential basis. The total deal value is approximately Rs. 488.77 crores. These shares were issued not for cash but in exchange for acquiring a 99.99% stake (89,99,900 equity shares) in Nexgenix Solar Manufacturing Private Limited, making it a share-swap acquisition deal. Post-allotment, Onix Renewable Limited will become the new promoter of the company once open offer formalities are completed, triggering a change of control. The company's paid-up share capital has risen to Rs. 20.49 crores comprising 2,04,93,885 equity shares.
Significant dilution for existing shareholders and a change of control as new promoter Onix Renewable Limited takes over after open offer. The deal expands Onix Solar's business through acquisition of Nexgenix Solar Manufacturing, but shareholders should brace for open offer obligations and a major shift in promoter identity.