We wish to inform you that Company has received copy of Public Announcement in connection with the open offer by Onix Renewable Limited
Awaiting price reaction for this filing.
Onix Solar Energy Ltd (formerly ABC Gas International) has received a Public Announcement for an open offer by Onix Renewable Limited along with three PACs (Divyesh, Piyush, and Khilan Savaliya). The open offer is for 16,27,698 equity shares (6.44% of emerging voting share capital) from public shareholders at ₹264 per share, totaling about ₹42.97 crores. The offer was triggered by a preferential allotment of 1,85,13,885 shares (73.20%) to Onix Renewable in exchange for shares of Onix-Tech Renewable Private Limited, effectively a reverse acquisition worth ₹488.77 crores. Post-deal, the acquirer and PACs will hold 74.59% of the company and existing promoters will cease to be promoters. The company is shifting its business focus from gas to renewable energy, with an EGM scheduled for July 11, 2025 to approve the preferential issue.
Public shareholders can tender their shares at ₹264 per share through the open offer as an exit opportunity. The change of control and pivot to renewable energy business could reshape the company's future trajectory, potentially attracting investor interest but also bringing execution risk during the transition.