Onix Solar plans Rs 130 crore rights issue

Onix Solar Energy Limited has approved a proposal to raise up to Rs 130 crore through a rights issue of equity shares.

The decision was taken at a Board meeting held on April 17, 2026, via video conferencing. The issue will involve equity shares with a face value of Rs 10 each, to be offered to eligible shareholders as on a record date to be announced later.

The company stated that the rights issue remains subject to necessary regulatory and statutory approvals. It will be carried out in accordance with the Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013.

To execute the fundraise, the Board has constituted a Rights Issue Committee to finalise key terms, including the issue price, entitlement ratio, and total number of shares. The company has also initiated the appointment of required intermediaries.

The specific use of proceeds has not been disclosed. Further details are expected to be determined by the committee.

Onix Solar operates in solar cell and module manufacturing, along with Independent Power Producer (IPP) project development. Incorporated in 1980 and rebranded in 2025, the company currently runs 1200 MW solar cell and 1200 MW solar module manufacturing lines, producing N-Type TOPCon and P-Type modules with output ranging from 530 WP to 640 WP. It is also developing over 500 MW of solar projects in Maharashtra under the MSKVY 2.0 (PM-KUSUM) scheme, aligned with the group’s target of reaching 10 GW renewable capacity by 2030.

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