Grow House Wealth Management Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Recommendation of the Committee of Independent Directors (IDC) of Onix Solar Energy Ltd ("Target ....
Awaiting price reaction for this filing.
Onix Solar Energy Ltd (formerly ABC Gas International Ltd) has received the recommendation of its Independent Directors Committee (IDC) on an Open Offer made by M/s Onix Renewable Limited (Acquirer) along with three PACs — Divyesh, Piyush, and Khilan Savaliya. The acquirer is seeking to buy 16,27,698 equity shares (6.44% of the emerging voting share capital) at ₹264 per share under SEBI Takeover Regulations. The IDC has reviewed the Public Announcement (June 11, 2025), Detailed Public Statement, Draft Letter of Offer, and Letter of Offer (October 10, 2025), and unanimously recommended the offer as fair and reasonable. The ₹264 offer price is at par with the preferential issue price paid by the acquirer and higher than the 60-day VWAMP of ₹205.31 on BSE. Shareholders have been advised to independently evaluate the offer against current market price before participating.
This is a regulatory procedural update confirming the IDC's favorable view of the open offer; shareholders now have a clearer basis to decide on tendering shares, and the ₹264 price acts as a near-term price floor given it is well above recent traded levels.