Announcement under Regulation 30 (LODR)- Raising of Funds
Awaiting price reaction for this filing.
Onix Solar Energy's board, at its meeting on December 29, 2025, accepted the resignations of two Non-Executive Directors — Mr. Deepakkumar Rathod and Ms. Parulben Jadav — citing pre-occupation with other corporate assignments, effective the same day. In the same meeting, the board approved raising up to Rs. 250 crore through a Rights Issue of equity shares (face value Rs. 10) to eligible shareholders, with terms to be finalised later by a sub-committee. The company also revealed that a June 2025 preferential issue of ~47.99 lakh shares at Rs. 264 each (intended to fund a 2,400 MW solar panel manufacturing plant) fell through because the proposed allottees did not bring in the money. This new Rights Issue appears to be a fresh attempt to raise the capital needed for the same manufacturing facility.
For shareholders, the failed preferential allotment is a red flag — earlier investors backed out after committing funds, raising questions about the project's financing. The simultaneous exit of two non-executive directors on the same day also raises minor governance concerns. However, a successful Rights Issue of up to Rs. 250 crore could dilute existing shareholders while advancing the solar manufacturing expansion plan.