Onix Solar Energy Limited has made a regulatory disclosure regarding the pledging of shares by its promoter company to secure borrowings. The company, formerly known as ABC Gas (International) Limited, filed the disclosure under Regulation 31 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Share Pledging Details

Onix Renewable Limited, the promoter company, has pledged a significant portion of its shareholding in the target company to HDFC Bank Limited. The encumbrance was created on February 26, 2026, specifically for securing borrowing arrangements.

Shareholding Structure

Prior to this pledging transaction, Onix Renewable Limited maintained a substantial stake in the company without any existing encumbrances. The current shareholding pattern reflects the impact of the newly created pledge.

Regulatory Compliance

The disclosure was submitted to BSE Limited, where the company's shares are listed under scrip code 513119. The filing ensures compliance with SEBI regulations regarding substantial acquisition of shares and takeovers, specifically addressing the creation of encumbrance on promoter shareholding.

The document was digitally signed by key officials including Piyushkumar Mansukhbhai Savaliya, Managing Director of Onix Solar Energy Limited, and Divyeshkumar M. Savaliya, Director of Onix Renewable Limited. This pledging arrangement represents a standard corporate financing mechanism where promoters utilize their shareholding as collateral for securing business loans and credit facilities.

Onix Solar Energy Limited has addressed recent media reports concerning alleged irregularities in bank guarantees related to Maharashtra solar projects through a formal disclosure to BSE. The company sought to clarify its position amid speculation about potential involvement in fraudulent activities.

Company's Position on FIR

The solar energy company categorically stated that it is not named as an accused entity in the FIR referenced in various media reports. This clarification comes as an important distinction given the nature of the allegations being discussed in the media coverage.

Project Details and Remedial Actions

The projects mentioned in the media reports were originally undertaken through third-party entities rather than directly by Onix Solar Energy Limited. Upon becoming aware of discrepancies relating to the bank guarantees, the concerned entity took proactive steps to address the situation by ensuring that the questionable guarantees were replaced with valid and compliant bank guarantees before the FIR was filed.

Business Operations Status

Onix Solar Energy Limited emphasized that its business continues to operate in the ordinary course without disruption. The company specifically noted that there is no impact on its ongoing operations or financial position at this stage, providing reassurance to stakeholders about business continuity.

Regulatory Compliance and Cooperation

The company and its management team are fully cooperating with relevant authorities investigating the matter. Onix Solar Energy Limited reaffirmed its commitment to transparency in all business dealings, strict regulatory compliance, and good corporate governance practices.

The disclosure was signed by Piyush Savaliya, Managing Director, who assured that the stock exchange would be kept informed of any material developments in accordance with applicable regulations. This commitment demonstrates the company's proactive approach to maintaining transparency with regulatory bodies and investors.