Grow House Wealth Management Private Limited ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement under Regulation 3(1) and Regulation 4 read with Regulation ....
Awaiting price reaction for this filing.
Onix Renewable Limited (formerly Onix Structure Private Limited), along with three PACs (persons acting in concert) — Divyesh Savaliya, Piyush Savaliya, and Khilan Savaliya — has announced a triggered Open Offer to acquire up to 16,27,698 equity shares (6.44% of the emerging voting share capital) of Onix Solar Energy Limited from public shareholders. The offer price is Rs. 264 per share, making the total potential payout around Rs. 42.97 crore if fully accepted. The Open Offer is triggered by a preferential allotment where Onix Renewable will receive 1,85,13,885 equity shares (73.20% of emerging voting share capital) of Onix Solar in exchange for 89,99,900 shares of Onix-Tech Renewable Private Limited (OTRPL) held by the acquirer. Post-transaction, the acquirer and PACs will hold 74.59% of the company, resulting in a change of control — the existing promoter group will cease to be promoters. An EGM is scheduled for July 11, 2025 to approve the preferential issue.
Public shareholders of Onix Solar Energy have the option to tender their shares at Rs. 264 per share. The transaction signals a change of control with new promoters (Savaliya family via Onix Renewable) taking over, and the company is pivoting from its legacy gas business toward solar/renewable energy. The stock may see price action around the offer price in the near term.