Onix Solar Energy approves ₹60 Crore Rights Issue, Sets Record Date for May 15

In a significant move to strengthen its capital base, the Rights Issue Committee of the Board of Directors of Onix Solar Energy Limited (BSE: 513119) met on May 11, 2026, to finalize the terms for its upcoming Rights Issue. The committee has approved an issuance of over 1.17 crore equity shares, aiming to raise approximately ₹60.17 crores, assuming full subscription.

Key Issue Terms and Pricing

The company will offer fully paid-up equity shares with a face value of ₹10 each. The Rights Issue price has been fixed at ₹51 per share, which includes a premium of ₹41 per share. This price is payable in full at the time of application.

Investors holding shares in the company will be eligible for the offer based on a specific ratio. The committee has determined a Rights Entitlement Ratio of 8:17, meaning eligible shareholders will be entitled to purchase 8 new equity shares for every 17 fully paid-up equity shares they hold as of the record date.

Important Dates for Shareholders

To determine eligibility, Onix Solar has set Friday, May 15, 2026, as the Record Date. Shareholders appearing on the company's register by this date will receive Rights Entitlements (REs) in their demat accounts, under the ISIN: INE173M20020.

The Rights Issue is scheduled to officially open on Monday, May 25, 2026, and will close on Monday, June 01, 2026. Shareholders who do not wish to subscribe to the shares themselves have the option for "On-Market Renunciation" until May 26 or "Off-Market Renunciation" until May 29, allowing them to trade their entitlements to other investors.

Post-Issue Capital Structure

Currently, Onix Solar Energy has 2,50,70,190 outstanding equity shares. Upon the successful completion of the Rights Issue and assuming full subscription of the 1,17,97,736 new shares, the company's total outstanding equity capital will increase to 3,68,67,926 shares.

Following the committee's approval and the in-principle nod received from the BSE on May 6, 2026, the company has adopted the formal Letter of Offer. This document will be dispatched to all eligible shareholders in due course.

According to the tentative schedule provided by the company, the allotment of shares is expected to take place around June 02, with the new shares likely to be listed on the BSE by Thursday, June 04, 2026. This capital infusion marks a pivotal phase for the solar energy firm as it expands its financial footprint in the renewable energy sector.

Shares of Onix Solar Energy LTD. was last trading in BSE at Rs. 1107.15 as compared to the previous close of Rs. 1085.45. The total number of shares traded during the day was 161883 in over 692 trades.

The stock hit an intraday high of Rs. 1107.15 and intraday low of 1063.75. The net turnover during the day was Rs. 173511904.00.

Source : Equity Bulls

Keywords

OnixSolarEnergy INE173M01012 FundRaising RightsIssue RecordDate