Resignation of the Non Executive Director of the Company
Awaiting price reaction for this filing.
Onix Solar Energy's board, at its December 29, 2025 meeting, accepted the resignations of two Non-Executive Directors, Mr. Deepakkumar Rathod (DIN: 11340543) and Ms. Parulben Jadav (DIN: 11340540), both citing pre-occupation and other corporate assignments. Both directors confirmed there are no other material reasons for their exit. In the same meeting, the board approved raising up to Rs. 250 Crore through a Rights Issue of equity shares (face value Rs. 10) to eligible shareholders, with terms to be finalised later. The company also disclosed that a earlier preferential issue of 47.99 lakh shares at Rs. 264 each, approved on June 11, 2025 for setting up a 2,400 MW solar panel manufacturing facility, was dropped because the proposed allottees did not bring in the funds.
Two directors leaving on the same day could raise short-term governance concerns among retail investors, even though no adverse reasons were cited. The proposed Rs. 250 Crore Rights Issue will dilute existing shareholders' holdings and signals a fresh capital push, while the failed earlier preferential raise (allottees didn't pay up) may make investors cautious about the company's fundraising track record.