The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on February 26, 2026 for Onix Renewable Ltd
Awaiting price reaction for this filing.
Promoter Onix Renewable Limited, which holds 91.72% (1.87 crore shares) in Onix Solar Energy Ltd, has created a new pledge of 40,98,777 shares (20% of total share capital) in favour of HDFC Bank Limited on February 26, 2026, to secure a borrowing. With this fresh pledge, total encumbered (pledged) shares of the promoter now stand at 1,46,98,071 shares, equal to 71.72% of the company's share capital. Before this pledge, the entire 91.72% promoter holding was already encumbered, indicating the promoter has been using its shares as collateral for borrowings. The pledge has been made with HDFC Bank as the lender, suggesting the funds will likely be used for business or promoter-level financing needs.
This raises concerns as the pledged holding crosses 71% — a high level of encumbrance. If HDFC Bank invokes the pledge in case of default, it could lead to a change in promoter control or significant share sale in the open market, which may pressure the stock price. Retail investors should be cautious given the high leverage pledged against promoter holdings.