Onix Renewable Unveils ₹42.97 Crore Open Offer to Boost Stake in Onix Solar at ₹264/Share

June 12, 2025: In a major strategic step, Onix Renewable Limited has initiated an open offer to acquire up to 16,27,698 equity shares, representing 6.44% of the expanded voting share capital in Onix Solar Energy Limited. The proposed offer price is ₹264 per share, with the entire consideration payable in cash.

Open Offer Triggered by Preferential Allotment and Takeover

This open offer has been activated following a substantial preferential share allotment, sanctioned on June 11, 2025. As part of this transaction, Onix Renewable received 1,85,13,885 shares in Onix Solar in exchange for 89,99,900 equity shares in Onix-Tech Renewable Private Limited (OTRPL), valuing the share swap at ₹488.77 crore.

In addition, another 47,99,825 shares were allotted to public shareholders, also priced at ₹264 per share. This restructuring has resulted in a change in controlling interest in Onix Solar and falls under the purview of SEBI (SAST) Regulations, 2011, specifically Regulations 3(1) and 4.

Key Offer Details

• Acquiring Entity: Onix Renewable Limited
• Persons Acting in Concert (PACs): Divyesh Mansukhbhai Savaliya, Piyush Mansukhbhai Savaliya, Khilan Hareshbhai Savaliya
• Target Company: Onix Solar Energy Limited (previously ABC Gas (International) Limited)
• Offer Size: Up to 16,27,698 shares
• Offer Value: Approximately ₹42.97 crore
• Offer Price: ₹264 per share
• Payment Mode: Cash
• Offer Manager: Grow House Wealth Management Pvt Ltd

Post-Deal Shareholding Structure

Upon completion of this transaction, Onix Renewable and its PACs will jointly hold 1,88,66,187 shares, which corresponds to 74.59% of Onix Solar’s expanded voting share capital of 2,52,93,710 shares. This is a significant increase from their earlier holding of 3,52,302 shares, which amounted to 17.79% of the previous capital base.

The onboarding of Mr. Nikhil Savaliya and Mr. Khilan Savaliya as professional directors signals a transition in leadership in alignment with the new controlling interest.

Regulatory Commitments and Forward Strategy

The open offer is not subject to any minimum acceptance threshold. The acquirer has also stated its intention to maintain Onix Solar’s listing on BSE. If post-offer shareholding exceeds 75%, corrective action will be taken to adhere to minimum public shareholding norms, as mandated by the Securities Contracts (Regulation) Rules, 1957.

A Detailed Public Statement (DPS) will be released on or before June 18, 2025, and the timeline for tendering will be announced in the Letter of Offer.

This acquisition underscores Onix Renewable’s strategic ambition to strengthen its presence in the renewable energy sector, particularly solar power, while aligning with regulatory frameworks and ensuring the continued involvement of public investors.

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