Outcome of the Meeting of Rights Issue Committee.
Awaiting price reaction for this filing.
Onix Solar Energy Ltd (formerly ABC Gas International Ltd) has completed the allotment of 1,17,97,736 fully paid-up equity shares under its rights issue at Rs. 51 per share (face value Rs. 10, premium Rs. 41 per share), aggregating to about Rs. 60.17 crores. The rights issue subscription window ran from May 25 to June 01, 2026, and the Rights Issue Committee approved the allotment on June 02, 2026. Post-allotment, the paid-up equity share capital rose from Rs. 25.07 crores (2,50,70,190 shares) to Rs. 36.87 crores (3,68,67,926 shares). The ratio indicates roughly 47 new shares were issued for every 100 shares held, resulting in notable equity dilution. Shares were allotted to eligible shareholders and renouncees as per the Letter of Offer dated May 11, 2026.
The Rs. 60+ crore capital infusion at a premium should strengthen the company's balance sheet and fund its solar energy business. However, the roughly 47% increase in equity base represents significant dilution, which may weigh on the stock price in the near term until the raised funds are deployed productively.