Sarda Proteins Limited is subject to an open offer announcement following a significant warrant conversion that has triggered regulatory obligations under SEBI takeover regulations. Onix Renewable Limited has filed the mandatory regulatory disclosure under Regulation 29(1) of SEBI (SAST) Regulations, 2011, confirming the substantial acquisition of shares.

Regulatory Disclosure Filing

Onix Renewable Limited submitted the disclosure to BSE Limited on March 19, 2026, one day after the actual acquisition date. The filing was signed by Director Divyesh Savaliya (DIN: 06464431) and addresses the substantial acquisition requirements under SEBI regulations.

Open Offer Details

Onix Renewable Limited (formerly Onix Structure Private Limited), along with persons acting in concert, has announced an open offer for acquisition of equity shares in Sarda Proteins Limited. The offer is being managed by Grow House Wealth Management Private Limited in compliance with SEBI (SAST) Regulations.

Transaction Background

The regulatory disclosure confirms that Onix Renewable Limited acquired 70,00,000 shares through preferential allotment upon conversion of warrants into equity shares on March 18, 2026. Prior to this acquisition, the acquirer held no shares in the target company, making this a complete fresh acquisition of 77.99% shareholding.

The share capital structure underwent significant transformation, with the total voting capital expanding from 17,25,900 shares (Rs 1,72,59,000) to 89,75,900 shares (Rs 8,97,59,000) post-conversion.

Acquirer Information

The acquisition group consists of Onix Renewable Limited as the primary acquirer. According to the regulatory filing, the acquirer does not belong to the existing promoter/promoter group of Sarda Proteins Limited. The company's shares are listed on Bombay Stock Exchange Limited under scrip code 519242.

Regulatory Compliance

The disclosure filing confirms compliance with SEBI (SAST) Regulations, 2011, following the substantial acquisition that crossed regulatory thresholds. The open offer obligation was triggered due to the acquisition of voting rights exceeding the prescribed limits under takeover regulations.

The target company Sarda Proteins Limited is incorporated under the Companies Act, 1956, with CIN L15142RJ1991PLC006353. The company's registered office is located at B-536-537, Matsya Industrial Area, Alwar, Rajasthan, 301030.

Sarda Proteins Limited has officially completed the conversion of 72,50,000 convertible warrants into equity shares following board approval on March 18, 2026. The company submitted the outcome of this board meeting to BSE Limited under Regulation 30 of SEBI (LODR) Regulations, 2015.

Board Meeting Outcome

The board of directors convened on March 18, 2026, from 6:30 PM to 6:45 PM to approve the conversion of all outstanding convertible warrants. This action represents the completion of a preferential allotment process that began with the original warrant allotment on April 8, 2025.

Conversion Specifics

The conversion involved all 72,50,000 convertible warrants being converted to an equal number of equity shares at ₹115 per warrant. The company received ₹62,53,12,500 from warrant holders, representing the remaining 75% of the issue price per warrant, as 25% was already collected during the initial allotment.

Capital Structure Enhancement

Following the warrant conversion, the company's issued, subscribed and paid-up equity share capital has increased to ₹8,97,59,000, comprising 89,75,900 fully paid-up equity shares of ₹10 each. The newly allotted equity shares rank pari passu with existing equity shares of the company.

Allottee Breakdown

The warrant conversion involved seven allottees from the public category (non-promoter), with Onix Renewable Limited being the dominant participant. The complete distribution shows:

Regulatory Compliance

The entire process was conducted in accordance with SEBI (ICDR) Regulations, 2018, and the company fulfilled all disclosure requirements under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The warrants carried conversion rights exercisable within 18 months from the date of allotment, with each warrant convertible into one fully paid-up equity share. All warrant holders opted for complete conversion, leaving no warrants pending for conversion.