Onix Renewable Limited — Rights Issue 2025-26: Everything You Need to Know

Onix Renewable Limited, a Gujarat-based solar and renewable energy company, has announced a Rights Issue to raise approximately ₹557.28 crore from its existing shareholders. The company is offering one new share for every share already held — giving existing investors a first right to participate in this fundraising before anyone else.
If you are an existing shareholder of Onix Renewable Limited, this blog breaks down everything you need to know — what the issue is, how much you need to pay, when to apply, and what risks you should be aware of.

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A) What is a Rights Issue?

A Rights Issue is when a company offers new shares exclusively to its existing shareholders, in proportion to what they already hold. It is one of the most common ways for unlisted companies to raise fresh capital without going to the public market. As a shareholder, you have the right — but not the obligation — to subscribe. You can also renounce (transfer) your entitlement to someone else if you choose not to apply.

B) Issue Details at a Glance

The total size of this Rights Issue is ₹557,28,59,964 — that is approximately ₹557 crore. The company is offering 10,92,71,764 partly paid-up equity shares at a price of ₹51 per share. Each share has a face value of ₹10 and includes a premium of ₹41.

The entitlement ratio is 1:1, meaning for every 1 equity share you hold as on the Record Date, you are entitled to apply for 1 new share.

The Record Date is Monday, March 30, 2026. Only shareholders whose names appear in the company's depository records (BENPOS) as on this date are eligible to participate.

The Issue opens on Thursday, April 2, 2026 and closes on Thursday, April 16, 2026. The last date for the company to receive your application is Friday, April 17, 2026 by 5 PM.

C) Payment Schedule — You Don't Pay It All at Once

This is an important detail. The shares are being issued as partly paid-up, which means you do not need to pay the full ₹51 upfront. The payment is split into two parts.

On application, you pay ₹25 per share — this includes ₹5 as face value and ₹20 as premium. The remaining ₹26 per share (₹5 face value + ₹21 premium) will be collected later as a Final Call, at a date and time decided by the Board of Directors.

So if you are subscribing to, say, 1,000 shares, you pay ₹25,000 now and ₹26,000 later when the call is made.
Until the final call is paid and shares become fully paid-up, these partly paid shares will trade under a separate ISIN on the depository.

D) About the Company

Onix Renewable Limited was originally incorporated in October 2014 as Electro Trans Products Private Limited. It went through two name changes — first to Onix Structure Private Limited in December 2015, then to Onix Renewable Private Limited in July 2023 — before finally converting to a public limited company in August 2023 under its current name.

The company is registered in Rajkot, Gujarat, with its office at P-212B, Gate No. 2, Lodhika GIDC, Metoda. Its CIN is U35105GJ2014PLC080979 and its existing equity shares carry ISIN INE0TG701015.

The business is focused on solar EPC (Engineering, Procurement and Construction), Independent Power Production (IPP), wind energy, storage, green hydrogen, and solar PV module manufacturing. The company claims to have commissioned more than 500 MW of projects, with a current solar module manufacturing capacity of 100 MW and expansion plans to reach 1,200 MW.

E) Financial Performance

The company's financials show sharp growth over the past three years. On a standalone basis, revenue from operations grew from ₹14,645 lakhs in FY2023 to ₹32,520 lakhs in FY2024, and then jumped to ₹97,595 lakhs in FY2025 — nearly a 3x jump in a single year.

Net profit followed a similar trajectory. It stood at ₹907 lakhs in FY2023, rose to ₹3,638 lakhs in FY2024, and reached ₹10,522 lakhs in FY2025 — a near 3x jump year-on-year.

On a consolidated basis, total revenue for FY2025 stood at ₹1,01,261 lakhs, with a net profit of ₹11,479 lakhs.

This growth reflects strong order execution in the solar EPC space, driven by India's rapid renewable energy expansion.

F) Why is the Company Raising Money?

The stated purpose of the Rights Issue is to meet the company's working capital requirements and capital expenditure needs. As an EPC and manufacturing company scaling rapidly, additional capital is needed to fund operations, procurement, and project execution. The Rights Issue allows the company to raise this capital directly from existing shareholders rather than taking on additional debt.

G) How to Apply — Step by Step

Step 1 — Check eligibility. Your name must appear in the BENPOS records of the company as on March 30, 2026. If you are an existing shareholder, you should have received this Letter of Offer at your registered address or email.

Step 2 — Download or collect the Composite Application Form (CAF). If you have not received it, you can download it from www.onixrenewable.com.

Step 3 — Fill in Part A of the CAF. Mention the number of shares you are accepting from your entitlement, and if you wish, apply for additional shares beyond your entitlement.

Step 4 — Make payment of ₹25 per share via NEFT/RTGS/online transfer to the company's bank account. The details are — Account Holder: Onix Renewable Limited, Bank: Canara Bank, Metoda Branch, Account Number: 120002461723, IFSC: CNRB0003422. Note down your UTR number for the application.

Step 5 — Attach a self-attested copy of your PAN card along with the payment details in the application form.

Step 6 — Mention your Demat account details clearly — DP Name, DP ID, and Beneficiary Account Number. Allotment will only be in dematerialised form. If you still hold shares in physical form, open a Demat account before applying.

Step 7 — Submit the filled application form by hand delivery, registered post, speed post or courier to reach the company's registered office at P-212B, Gate No. 2, Lodhika GIDC, Rajkot, Metoda, Gujarat 360021, on or before April 17, 2026 by 5 PM. You can also email to cs@onixgroup.in.

H) What if You Don't Want to Subscribe?

You have the option to renounce your rights entitlement in favour of another person. To do this, fill in Part B of the CAF (Form of Renunciation) and hand it over to the person who will apply using Part C. Note that renunciation is not allowed in favour of minors, HUFs, trusts, partnership firms, or societies. Joint holders are restricted to a maximum of three persons.

I ) Promoter Shareholding

The company's promoter group collectively holds a significant portion of the existing shares and has been allotted corresponding entitlements in the Rights Issue. The key promoters and their holdings as on March 25, 2026 are as follows — Divyeshkumar Mansukhlal Savaliya holds 3,67,94,613 shares, Savaliya Piyushkumar Mansukhbhai holds 2,13,30,000 shares, Rashilaben Mansukhbhai Savaliya holds 22,50,000 shares, Nikhil Hareshbhai Savaliya holds 10,80,000 shares, Madhuri Divyesh Savaliya holds 45,000 shares, and Savaliya Dharaben Piyushkumar holds 45,000 shares.

J) Key Contacts

For any queries related to this Rights Issue, you can contact Mr. Divyesh Savaliya, Director, at cs@onixgroup.in or +91 73000 17000. For registrar and share transfer related queries, contact MUFG Intime India Private Limited (formerly Link Intime India Private Limited), C-101, Embassy 247, LBS Marg, Vikhroli West, Mumbai 400083. Contact person: Ms. Pooja Yadav at pooja.yadav@in.mpms.mufg.com or +91 83293 96831.

Disclaimer: This blog is for informational purposes only and is based on the Letter of Offer dated March 25, 2026. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making any investment decision.