Onix Solar Energy Limited Board Approves ₹130 Crore Rights Issue

Onix Solar Energy Limited (BSE: 513119) has announced that its Board of Directors has approved a proposal to raise funds through a Rights Issue of equity shares. The decision was made during a board meeting held via video conferencing today.

The company intends to offer additional equity shares to its existing eligible shareholders as of a record date to be determined in the future.

Issue Size: The total aggregate amount to be raised will not exceed ₹130 Crore.

Security Type: Equity Shares with a face value of ₹10 each.

Method of Issuance: Rights Basis, allowing existing shareholders to maintain their proportionate ownership in the company.

Implementation: The Board has constituted a "Right Issue Committee" to finalize the specific terms and conditions, including the issue price, rights entitlement ratio, and the total number of shares to be issued.

This capital infusion is expected to support Onix Solar's growth initiatives and strengthen its financial position in the renewable energy sector. The company has already begun the process by appointing various intermediaries to manage the issue. Further details regarding the record date and the final issue price will be notified in due course.

Shares of Onix Solar Energy LTD. was last trading in BSE at Rs. 925.55 as compared to the previous close of Rs. 907.45. The total number of shares traded during the day was 828 in over 26 trades.

The stock hit an intraday high of Rs. 925.55 and intraday low of 925.55. The net turnover during the day was Rs. 766355.00.

Source : Equity Bulls

Keywords

OnixSolarEnergy INE173M01012 FundRasing RightsIssue