Onix Solar Energy Limited announced the outcomes of its Board of Directors meeting held on January 16, 2026, revealing significant corporate governance and capital structure decisions that will reshape the company's operational framework.

Major Capital Structure Enhancement

The board approved a substantial increase in the company's authorized share capital, representing a strategic move to strengthen its financial foundation. The following table outlines the key capital structure changes:

This capital increase will require subsequent amendments to the capital clause of the company's Memorandum of Association, pending shareholder approval through the postal ballot process.

Board Composition and Leadership Changes

The board approved comprehensive leadership restructuring through director appointments and regularizations. The postal ballot will seek shareholder approval for multiple director-related matters:

The regularization of additional directors demonstrates the company's commitment to formalizing its governance structure while ensuring compliance with regulatory requirements.

Postal Ballot Process and Governance

The board has initiated a comprehensive postal ballot process to secure shareholder approval for the proposed changes. M/s. H Togadiya & Associates, Practicing Company Secretary, has been appointed as the scrutinizer to conduct the postal ballot through remote e-voting process, ensuring fair and transparent shareholder participation.

The postal ballot will cover four critical corporate matters:

• Authorized share capital increase
• Regularization of two additional directors as non-executive directors
• Appointment of new managing director
• Related amendments to constitutional documents

Meeting Details and Timeline

The Board of Directors meeting was conducted efficiently, commencing at 4:00 PM and concluding at 4:30 PM on January 16, 2026. The company has communicated these decisions to BSE Limited under Regulation 30, ensuring timely disclosure to stakeholders and maintaining regulatory compliance throughout the process.

Onix Solar Energy Limited's board has formally approved raising up to ₹250.00 crore through a rights issue while announcing the resignation of two non-executive directors. The board meeting held on December 29, 2025, addressed key corporate governance changes and confirmed the company's capital raising plans for business expansion.

Rights Issue Approval

The board approved raising funds through issuance and allotment of equity shares with a face value of ₹10.00 each, up to an aggregate amount not exceeding ₹250.00 crore on a rights basis. The issue will be offered to eligible equity shareholders as on the record date, which will be notified subsequently.

The board has authorized a "Right Issue Committee" to decide all matters relating to the proposed issuance, including finalization and approval of detailed terms and conditions. Various intermediaries have been appointed for the proposed rights issue implementation.

Director Resignations

Two non-executive directors tendered their resignations effective December 29, 2025, citing pre-occupation and other corporate assignments as reasons for their departure.

Both directors confirmed that there were no other reasons for resignation beyond those mentioned in their resignation letters.

Previous Fundraising Context

The board had previously approved a preferential issue of 47,99,825 equity shares at ₹264.00 per share (including securities premium of ₹254.00 per share) in June 2025 for setting up a solar panel manufacturing facility with 2400 MW capacity. However, this preferential issue was not processed due to non-receipt of funds from proposed allottees.

Regulatory Compliance

The rights issue is subject to receipt of regulatory and statutory approvals in accordance with applicable laws including SEBI regulations and the Companies Act, 2013. The board meeting commenced at 4:45 PM and concluded at 5:15 PM, with all decisions taken in compliance with SEBI listing obligations and disclosure requirements. The company has filed the necessary disclosures with BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.