Grow House Wealth Management Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Onix Solar Energy Ltd ("Target company").
Awaiting price reaction for this filing.
Onix Renewable Limited (the Acquirer), along with three persons acting in concert (Divyesh, Piyush, and Khilan Savaliya), has filed a Letter of Offer with BSE to buy up to 16,27,698 equity shares (6.44% of the emerging voting share capital) of Onix Solar Energy Ltd from public shareholders at ₹264 per share in cash. The total deal value, if fully subscribed, works out to about ₹42.97 crore. The offer opens on October 20, 2025 and closes on November 4, 2025. The open offer is triggered under SEBI takeover regulations because of a change-of-control deal involving a Share Purchase Agreement signed on June 11, 2025 and a large preferential allotment of 2.33 crore shares to the Acquirer (partly in exchange for shares of Nexgenix Solar Manufacturing Pvt Ltd and partly for cash). Grow House Wealth Management is acting as the manager to the offer.
This is a mandatory open offer triggered by a change in control of the listed company. Public shareholders can tender their shares at ₹264 per share during the October 20 – November 4, 2025 window. The stock may see price movement around the open offer price in the near term as investors decide whether to tender or hold.