Grow House Wealth Management Private Limited ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement ("PA") under the Regulation 3 (1) and Regulation 4 read with ....
Awaiting price reaction for this filing.
Onix Renewable Limited (formerly Onix Structure Private Limited), along with three PACs (persons acting in concert), has announced an open offer to acquire up to 16,27,698 equity shares (6.44% of emerging voting share capital) of Onix Solar Energy Limited from public shareholders at Rs. 264 per share. The offer is triggered by a preferential allotment of 1,85,13,885 shares (73.20% of emerging voting capital) to the Acquirer in exchange for 89,99,900 shares of Onix-Tech Renewable Private Limited (OTRPL) valued at Rs. 488.77 crores. Post-transaction, the Acquirer along with PACs will hold 74.59% of the expanded share capital, resulting in a change of control. Existing promoters (Shorewala and Goenka families) will cease to be promoters. Total cash consideration for the open offer, if fully accepted, would be Rs. 42.97 crores. The EGM to approve the preferential issue is scheduled for July 11, 2025, and the acquirer has confirmed it will retain the company's BSE listing without proposing any delisting.
This signals a complete change of control at Onix Solar Energy, with the solar/renewable business (OTRPL) being folded into the listed entity through a share-swap deal. Public shareholders can tender shares at Rs. 264 in the open offer or choose to remain invested in the merged entity, which will now have a renewable energy focus under new promoters (the Savaliya family). The stock may see trading activity around the open offer price of Rs. 264, which serves as a near-term reference value.