Notice of EGM to be held on 11th July,2025 at 02:00 PM
Awaiting price reaction for this filing.
Onix Solar Energy has called an EGM on 11 July 2025 seeking shareholder approval for several major resolutions. Two directors (Khilan Savaliya and Umeshkumar Singh) will be regularised, and Harpreet Singh will be formally appointed as Managing Director for a 5-year term. The company proposes to raise authorised share capital sharply from Rs. 5 crore to Rs. 27 crore. Two large preferential share issues are planned at Rs. 264 per share: 1.85 crore shares (worth ~Rs. 488.8 crore) to Onix Renewable Limited as non-cash consideration for acquiring 99.99% of Nexgenix Solar Manufacturing Pvt Ltd, and 47.99 lakh shares (~Rs. 126.7 crore) to 95 non-promoter allottees. Together this will trigger an open offer under takeover rules and a change of promoter to Onix Renewable. A separate resolution seeks to raise the Section 186 lending/investment limit to Rs. 700 crore.
This is effectively a change-of-control transaction with significant equity dilution. Existing shareholders will see their stake shrink substantially while a new promoter (Onix Renewable) takes over via a share-swap deal, and 95 non-promoters receive fresh shares at a large premium. Stock price reaction will depend on market reception of the new solar manufacturing assets being brought in and the Rs. 264 issue price benchmark.