Onix Solar Rights Issue Opens at ₹51 Per Share
Onix Solar Energy Limited opened its Rights Issue on May 25, 2026, offering up to 1,17,97,736 Equity Shares at ₹51 each to raise ₹6016.85 lakhs. Specific investor Abhishek Kamdar applied for 63,16,486 Rights Entitlements. Proceeds will primarily fund an investment of ₹5,850 lakhs in NOPL Pace Green Energy Private Limited.
*this image is generated using AI for illustrative purposes only.
Onix Solar Energy Limited has opened its proposed Rights Issue of up to 1,17,97,736 fully paid-up Equity Shares on May 25, 2026. The issue, which closes on June 01, 2026, is offered at a price of ₹51 per share, including a premium of ₹41 per Rights Equity Share. The total issue size aggregates up to ₹6016.85 lakhs, assuming full subscription. The Rights Issue is offered to eligible shareholders in the ratio of 8 Rights Equity Shares for every 17 fully paid-up Equity Shares held on the record date of Friday, May 15, 2026. The Equity Shares have a face value of ₹10 each.
Specific Investor Application
Onix Solar Energy Limited has confirmed receiving an application from a specific investor on the Issue Opening Date. Abhishek Kamdar applied for 63,16,486 Rights Entitlements before 11:00 A.M. on May 25, 2026. This application was submitted in compliance with Regulation 77B(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The details of the specific investor were previously disclosed in a newspaper advertisement dated May 20, 2026.
Objects of the Issue
The company proposes to utilize the net proceeds from the issue towards investment in NOPL Pace Green Energy Private Limited, general corporate purposes, and meeting issue expenses. The primary allocation 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, not exceeding 25% of the Gross Proceeds.
Issue Schedule
The key dates for the Rights Issue are outlined below:
| Event | Date |
|---|---|
| Record Date | May 15, 2026 |
| Issue Opening Date | May 25, 2026 |
| Issue Closing Date | June 01, 2026 |
| Last Date for On Market Renunciation | May 26, 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. Brickwork Ratings India Private Limited is the Monitoring Agency, and MUFG Intime India Private Limited is the Registrar to the Issue.
How will Onix Solar Energy's additional investment in NOPL Pace Green Energy Private Limited impact the combined entity's capacity expansion and revenue projections over the next 2-3 years?
Given that the rights issue requires a minimum 90% subscription threshold, what are the risks to the issue's success if retail shareholders choose not to participate or renounce their entitlements?
What strategic synergies does Onix Solar Energy expect to unlock through its deepened equity stake in NOPL Pace Green Energy, and could this lead to a potential merger or acquisition down the line?
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