Outcome of the meeting of the Committee of Independent Director of the Company
Awaiting price reaction for this filing.
Onix Solar Energy's Committee of Independent Directors approved a preferential allotment of 1,85,13,885 (about 1.85 crore) equity shares at Rs. 264 per share to entities who are currently non-promoters but will be reclassified as promoters. This allotment will result in a change of control of the company. The issue price of Rs. 264 was determined as per SEBI ICDR Regulations and includes a control premium. The transaction will also trigger a mandatory Open Offer under SEBI Takeover Regulations. Both independent directors on the committee assented to the proposal with no dissent.
Existing shareholders should expect a change in control and promoter of the company. They will get an opportunity to tender their shares in the mandatory Open Offer that will follow. The Rs. 264 preferential issue price (which includes a control premium) may serve as a reference point for the open offer price, which could be at or above this level.