Revised outcome of the Board Meeting held on 11th June, 2025
Awaiting price reaction for this filing.
Onix Solar Energy Ltd's board approved acquiring 99.99% stake in Nexgenix Solar Manufacturing Pvt Ltd (formerly Onix-Tech Renewable) for Rs. 488.77 Crores, entirely through a share swap at Rs. 543.08 per share. To fund this, the company will issue 1,85,13,885 equity shares at Rs. 264 each to Onix Renewable Ltd (the seller). Additionally, 47,99,825 equity shares will be issued at Rs. 264 each to 95 allottees on a preferential basis. The authorized share capital will be raised from Rs. 5 Crores to Rs. 27 Crores, and the investment/loan limit under Section 186 has been hiked to Rs. 700 Crores. An EGM is scheduled for 11th July 2025 to seek shareholder approval. The acquisition is a related-party transaction (common directors) and aims to consolidate solar manufacturing operations under the listed entity, adding a 100 MW solar module facility to Onix Solar's planned 1,200 MW TOPCon solar cell and module capacity.
This is a major share-swap acquisition that will significantly dilute existing shareholders — total preferential issuance of ~2.33 crore shares will expand the equity base by roughly 80x (from ~2.83 lakh to ~2.36 crore shares). The deal consolidates the group's solar manufacturing under the listed company, which could drive long-term value, but existing minority shareholders should watch for potential governance concerns given the related-party nature and massive dilution. Stock price may face short-term pressure from the supply expansion.