Onix Solar proposes rights issue at ₹51 per share
Onix Solar Energy Limited has proposed a Rights Issue of up to 1,17,97,736 Equity Shares at ₹51 per share, aggregating to ₹6016.85 lakhs. The issue is in the ratio of 8:17 and has a record date of May 15, 2026. Proceeds will be used for investment in NOPL Pace Green Energy Private Limited and general corporate purposes.
*this image is generated using AI for illustrative purposes only.
Onix Solar Energy Limited has announced a proposed Rights Issue of up to 1,17,97,736 fully paid-up Equity Shares. The shares are being offered at a price of ₹51 per share, which includes a share premium of ₹41 per Rights Equity Share. The total issue size aggregates up to ₹6016.85 lakhs, assuming full subscription.
The Rights Issue is being offered to eligible shareholders on a rights basis in the ratio of 8 Rights Equity Shares for every 17 fully paid-up Equity Shares held on the record date. The record date for determining eligibility has been fixed as Friday, May 15, 2026. The Equity Shares have a face value of ₹10 each.
Objects of the Issue
The company proposes to utilize the net proceeds from the issue towards the following objects:
- Investment in NOPL Pace Green Energy Private Limited.
- General Corporate Purpose.
- To meet Issue Expenses.
The primary allocation of funds involves an investment of up to ₹5,850 lakhs in NOPL Pace Green Energy Private Limited. The company has already invested ₹50 crore in NOPL and proposes to invest additional amounts to acquire further equity stake. The balance of the proceeds will be used for general corporate purposes, subject to the condition that such utilization does not exceed 25% of the Gross Proceeds.
Issue Schedule
The Rights Issue is scheduled to open on May 25, 2026, and close on June 01, 2026. The key dates for the issue are outlined in the table below:
| Event | Date |
|---|---|
| Record Date | May 15, 2026 |
| Issue Opening Date | May 25, 2026 |
| Issue Closing Date | June 01, 2026 |
| Finalisation of Basis of Allotment | June 02, 2026 |
| Date of Allotment | June 02, 2026 |
| Date of Credit of Rights Equity Shares | June 03, 2026 |
| Date of Listing | June 04, 2026 |
The Rights Entitlements (REs) will be credited to the demat accounts of eligible shareholders before the issue opens. The ISIN for the Rights Entitlements is INE173M20020. The issue requires a minimum subscription of at least 90% of the issue size. The company has appointed Brickwork Ratings India Private Limited as the Monitoring Agency for the issue.
Given that the promoter Onix Renewable Limited has indicated it will not fully subscribe to its rights entitlement, what is the risk of the issue failing to meet the 90% minimum subscription threshold, and how might this impact the company's investment plans in NOPL Pace Green Energy?
How will the additional ₹58.50 Crore investment in NOPL Pace Green Energy Private Limited translate into measurable equity stake and revenue contribution for Onix Solar Energy, given that the final valuation remains subject to project execution status?
With Onix Solar Energy's total income surging from ₹1.89 lakhs in FY 2023-24 to ₹8,714.94 lakhs in just nine months of FY 2025-26, what are the key revenue drivers sustaining this growth trajectory and can it be maintained post-rights issue deployment?
20
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
