Onix Renewable Launches Open Offer at ₹264/Share, Eyes Control of Onix Solar Energy

Mumbai, 26 June 2025: Onix Renewable Limited, in collaboration with three persons acting in concert (PACs), Divyesh, Piyush, and Khilan Savaliya – has announced a mandatory open offer to acquire 16,27,698 equity shares of Onix Solar Energy Limited (BSE: 513119). The offer represents 6.44% of the emerging voting share capital and is priced at ₹264 per share, in accordance with Regulations 3(1) and 4 of the SEBI (SAST) Regulations, 2011.

Open Offer Terms

Transaction Background: Preferential Allotment Initiates Change in Control

This open offer follows a preferential allotment approved by the board on 11 June 2025, under which Onix Renewable is to be allotted 1,85,13,885 equity shares, accounting for 73.20% of the post-issue voting share capital.

These shares are being issued in exchange for 89,99,900 equity shares of Nexgenix Solar Manufacturing Pvt Ltd (formerly Onix Tech Renewable Pvt Ltd), which will become a wholly owned subsidiary of Onix Solar Energy Ltd.

Additionally, 47,99,825 shares will be allotted to public investors for cash at the same offer price of ₹264 per share.

Shareholding Pattern Before and After the Offer

Regulatory Compliance Measures

The open offer complies with Regulation 7(6) as only 6.44% of shares are held by eligible public shareholders.

Shares to be allotted to the acquirer under the preferential allotment will be kept in a demat escrow account, with no voting rights until the open offer is concluded, in line with Regulation 22(2A) of SEBI (SAST) Regulations.

To meet SEBI’s escrow requirements under Regulation 17(4), the acquirer has opened an account with ICICI Bank, supported by a bank guarantee of ₹12 crore and a cash deposit of ₹45 lakh.

Strategic Purpose: Full Vertical Integration of Solar Operations

The acquisition will lead to backward integration of Onix Solar’s operations, bringing Nexgenix’s 100 MW Mono PERC solar module manufacturing unit under its ownership.

Future expansion plans include setting up 1,200 MW capacity each for TOPCON solar modules and solar cell production, which will unlock operational synergies and improve economies of scale.

“This acquisition fortifies our supply chain, enhances transparency, and supports long-term value creation for all stakeholders,” the company said in its filing.

Board Restructuring: Key Management Updates

• Mr. Nikhil Savaliya (related to PAC 3) appointed as Professional Executive Director on 3 September 2024
• Mr. Khilan Savaliya (PAC 3) appointed as Non-Executive Professional Director on 6 March 2025

Both directors will recuse themselves from all discussions related to the open offer, in line with Regulation 24(4) of SEBI’s takeover rules.

Standalone Financial Performance: FY25 Snapshot

Timeline

About the Company – Onix Solar Energy Ltd

Onix Solar Energy Ltd (BSE: 513119), formerly ABC Gas (International) Ltd, is a BSE-listed firm transitioning from solar module trading to end-to-end solar module and cell manufacturing. The company is headquartered in Mumbai and currently trades under Enhanced Surveillance Measure (ESM) Stage 2 on the BSE. With this acquisition-led shift, Onix Solar is set to evolve into a vertically integrated player in India’s rapidly expanding renewable energy sector.

For detailed instructions on tendering shares, shareholders may refer to the Letter of Offer and the SEBI website.

REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/915FA9E2-58AD-4AF4-B8EF-D88DE5A60F7E-082115.pdf

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