Outcome of the Board Meeting held on today i.e. on Monday, 13th October, 2025
Awaiting price reaction for this filing.
Onix Solar Energy's board has allotted 1,85,13,885 equity shares at Rs. 264 per share (face value Rs. 10, premium Rs. 254) on a preferential basis, purely for consideration other than cash. The shares were issued to Onix Renewable Limited in exchange for acquiring 99.99% stake (89,99,900 shares) in Nexgenix Solar Manufacturing Private Limited, effectively a share-swap deal worth about Rs. 48.88 crore. Post-allotment, the company's paid-up equity capital rises to Rs. 20.49 crore (2,04,93,885 shares). Onix Renewable Limited is currently a non-promoter but will be reclassified as promoter after the open offer process, indicating a change of control at the company.
The deal brings a solar manufacturing entity (Nexgenix) into the company through a share swap, which could reshape Onix Solar's business profile, but also signals an imminent change of control and mandatory open offer for existing public shareholders. Dilution is significant given the large share issuance, though no cash leaves the company.