Extra Ordinary General Meeting -Outcome. 1. To Regularisation of additional Director of Mr. Khilan Savaliya, Mr. Umeshkumar Singh, Mr. Harpreet Singh, Authorised share capital, offer ....
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Onix Solar Energy held an EGM on 11 July 2025 where shareholders approved several key items. Mr. Khilan Savaliya was regularised as Director and Mr. Umeshkumar Singh as Independent Director. Mr. Harpreet Singh, who already served as Chairman, was formally appointed as Managing Director. The company also approved a major increase in authorised share capital from Rs. 5 crore to Rs. 27 crore (a 5.4x jump), the issuance of 1,85,13,885 equity shares on a preferential basis (other than cash) and 47,99,825 equity shares on a preferential basis. Additionally, the limit for loans and investments under Section 186 of the Companies Act was raised to Rs. 700 crore. E-voting results were pending and would be announced within two working days.
The large capital expansion and twin preferential share issuances signal significant equity dilution ahead and likely fundraising activity, which existing shareholders should track closely. The sharp jump in Section 186 limits suggests the company may plan sizeable loans or investments, which could materially affect leverage and risk.