Letter of Offer for the purpose of Right Issue
Awaiting price reaction for this filing.
Onix Solar Energy Limited, a solar energy company formerly known as ABC Gas (International) Limited, has announced a rights issue of up to 1,17,97,736 fully paid-up equity shares with face value of Rs. 10 each. The issue price is Rs. 51 per share (including Rs. 41 share premium), aggregating to Rs. 6,016.85 Lakhs (approximately Rs. 60.17 Crore). The rights entitlement ratio is 8 shares for every 17 shares held, with record date May 15, 2026. The issue opens May 25, 2026 and closes June 1, 2026. The promoter is Onix Renewable Limited and shares are listed on BSE (Scrip Code: 513119). The company recently changed its name from ABC Gas (International) Limited to Onix Solar Energy Limited in October 2024.
Shareholders can participate in the rights issue at Rs. 51 per share. The significant dilution (8 new shares for every 17 held) will increase the share count substantially. Existing shareholders who do not participate will face ownership dilution. The stock may see pressure from the increased share capital unless the raised funds are deployed effectively for growth.