Outcome of the Board Meeting held on Monday, 29th December, 2025
Awaiting price reaction for this filing.
Onix Solar Energy's Board, at its meeting on December 29, 2025, accepted the resignations of two Non-Executive Directors — Mr. Deepakkumar Rathod and Ms. Parulben Jadav — effective the same day, citing pre-occupation and other corporate assignments. The Board also approved a Rights Issue of equity shares (face value Rs. 10) to raise up to Rs. 250 crore from existing eligible shareholders, with a sub-committee authorised to finalise terms. The company disclosed that a prior preferential allotment of ~47.99 lakh shares at Rs. 264 per share (approved in June 2025 for setting up a 2,400 MW solar panel manufacturing facility) had to be shelved because the proposed allottees did not bring in the funds.
The back-to-back exit of two non-executive directors raises mild governance concerns, while the renewed Rs. 250 crore Rights Issue signals ongoing capital-raising needs after the previous ~Rs. 127 crore preferential plan collapsed due to non-payment by allottees — a negative signal that existing shareholders may face further dilution.