Onix Solar Energy Limited has undergone a significant change in its ownership structure as Onix Renewable Limited substantially increased its stake through a preferential allotment, according to recent regulatory filings. This move has been followed by an announcement of an open offer for additional shares.

Key Details of the Acquisition

Transaction Highlights

• Date of Acquisition: October 13, 2025
• Mode of Acquisition: Preferential Allotment
• Number of Shares Acquired: 1,85,13,885
• Consideration: Other than cash

Open Offer Details

• Onix Renewable Limited has announced an open offer to acquire 16,27,698 equity shares.
• This represents 6.44% of the emerging voting share capital of Onix Solar Energy Limited.
• The offer price is set at ₹264.00 per share.
• The offer is being made by Onix Renewable Limited along with three persons acting in concert (PACs): Divyesh Mansukhbhai Savaliya, Piyush Mansukhbhai Savaliya, and Khilan Hareshbhai Savaliya.
• Grow House Wealth Management Private Limited is serving as the manager to the offer.
• The pre-offer advertisement and corrigendum were published on October 17, 2025 in Financial Express, Jansatta, and Mumbai Lakshadeep newspapers.

Implications of the Acquisition and Open Offer

1. Majority Control: Through the preferential allotment, Onix Renewable Limited has gained majority control over Onix Solar Energy Limited, increasing its stake from 14.29% to 91.72%.

2. Further Consolidation: The open offer aims to acquire an additional 6.44% stake, potentially further consolidating Onix Renewable's control.

3. Capital Structure Change: The equity share capital of Onix Solar Energy Limited has expanded significantly, from 19,80,000 shares to 2,04,93,885 shares, indicating a substantial infusion of resources.

4. Strategic Alignment: This move suggests a potential strategic alignment between the two companies, which may lead to synergies in the renewable energy sector.

5. Regulatory Compliance: Both the preferential allotment and the open offer are being conducted in compliance with SEBI regulations, ensuring transparency for all stakeholders.

Market Implications

This acquisition and subsequent open offer may have significant implications for both companies and the broader renewable energy sector. Investors and market watchers will likely be keen to observe how this change in ownership affects Onix Solar Energy Limited's operations, strategy, and market position.

The preferential allotment, being made for consideration other than cash, also raises questions about the nature of the transaction and the potential assets or services exchanged. This aspect may warrant further attention from analysts and shareholders.

As the renewable energy sector continues to evolve, such strategic moves could signal broader trends in consolidation and vertical integration within the industry. Stakeholders will be watching closely to see how this acquisition and open offer impact the competitive landscape and drive innovation in solar energy solutions.

It's worth noting that Onix Solar Energy Limited was formerly known as ABC Gas (International) Limited, indicating a shift in the company's focus towards renewable energy.

Onix Solar Energy Limited has received an open offer from Onix Renewable Limited, along with persons acting in concert (PACs), to acquire a significant stake in the company. The offer, which comes in compliance with SEBI regulations, aims to purchase 16,27,698 equity shares, representing 6.44% of the emerging voting share capital of Onix Solar Energy Limited.

Offer Details

The offer price of ₹264.00 per share represents a premium over the current market price. Notably, this price is significantly higher than the 60-day volume-weighted average market price of ₹205.31 on the BSE, where the target company's shares are frequently traded.

Independent Directors' Recommendation

The Independent Directors Committee (IDC) of Onix Solar Energy Limited has reviewed the offer and deemed it fair and reasonable. In their recommendation published on October 15, 2025, the IDC noted that the offer price aligns with SEBI parameters and exceeds the recent market trading price.

Key Points for Shareholders

1. The offer is open to all eligible shareholders of Onix Solar Energy Limited.
2. Shareholders are advised to independently evaluate the offer against current market conditions before making a decision.
3. The offer is being made in compliance with regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Timeline

This open offer represents a significant corporate action in the renewable energy sector, potentially reshaping the ownership structure of Onix Solar Energy Limited. Shareholders and market observers will be keenly watching the outcome of this offer and its implications for the company's future direction.

Investors are encouraged to review the full Letter of Offer and seek professional advice if needed before making any investment decisions related to this open offer.