Raising of funds by way preferential issue
Awaiting price reaction for this filing.
Onix Solar Energy's board approved a major preferential issue of equity shares at Rs. 264 per share (face value Rs. 10, premium Rs. 254). The first tranche of 1.85 crore shares is being issued to Onix Renewable Limited as part of a share swap to acquire 99.99% stake (about 89.99 lakh shares) in Onix-Tech Renewable Private Limited for Rs. 488.76 crore (at Rs. 543.08 per share). A second tranche of about 47.99 lakh shares is being allotted to 99 individual allottees at the same Rs. 264 price. The target company makes Mono PERC solar modules (100 MW capacity) with FY25 turnover of Rs. 99.69 crore, and the acquisition is aimed at vertical integration in the solar manufacturing value chain. The board also hiked authorised share capital from Rs. 5 crore to Rs. 27 crore and raised the Section 186 investment limit to Rs. 700 crore. An EGM is scheduled for July 11, 2025 to seek shareholder approval.
Existing public shareholders face significant dilution — the company's share count jumps from around 2.83 lakh to roughly 1.88 crore after the first allotment, plus another 48 lakh shares from the second tranche, a massive expansion of the equity base. The deal is largely non-cash (share swap), so it doesn't strain liquidity, but it does consolidate solar module manufacturing under the listed entity, potentially creating long-term value if integration synergies materialize.