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.

Onix Solar Energy Limited has announced further changes to its board of directors, appointing two new non-executive directors in a board meeting held on December 24, 2025. This follows the company's recent board restructuring that saw resignations and appointments earlier in December.

Recent Board Changes Overview

The company previously announced major board changes on December 14, 2025, when it accepted the resignations of Mr. Nikhil Savaliya and Mr. Khilan Savaliya, both effective December 15, 2025, due to personal reasons and professional commitments. Simultaneously, the board appointed Ms. Parulben Jadav and Mr. Deepakkumar Rathod as non-executive directors.

Latest Director Appointments

In the December 24, 2025 board meeting, Onix Solar Energy Limited approved the appointment of two additional non-executive directors:

Director Profiles and Expertise

Mr. Hardik Adhiya

Mr. Adhiya brings extensive renewable energy expertise to the board, holding a PGDBM in International Business from California University. His professional background spans diverse segments of the renewable energy ecosystem, covering solar and wind power, storage solutions, hybrid models, and green hydrogen technologies.

Mr. Naman Viradiya

Mr. Viradiya holds a BE in Electrical Engineering (2017) and contributes seven years of experience in transmission and renewable energy sectors. His technical background aligns with the company's focus on solar energy solutions.

Compliance and Independence

Both newly appointed directors meet all regulatory requirements:

Board Meeting Details

The board meeting approving these appointments was held on December 24, 2025, commencing at 7:30 PM and concluding at 8:30 PM. The company has filed the necessary disclosure with the Bombay Stock Exchange Limited under scrip code 513119, maintaining compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

These appointments strengthen Onix Solar Energy Limited's board composition with professionals having relevant experience in renewable energy and electrical engineering, supporting the company's strategic direction in the energy sector.