Gujarat-based Onix Renewable has offered ₹264 (~$3) per share to acquire 1.6 million equity shares of Onix Solar Energy for approximately ₹429 million (~$5 million).

Onix Solar Energy is a subsidiary of Onix Renewable.

The offer represents 6.44% of Onix Solar Energy’s emerging voting share capital. Grow House Wealth Management is acting as the manager for this open offer.

This open offer followed Onix Solar Energy’s board of directors authorizing a preferential allotment of 18.5 million fully paid-up equity shares, each with a face value of ₹10 (~$0.12), on a preferential basis. These shares represent 73.2% of the emerging voting share capital of Onix Renewable.

Following the completion of all the underlying transactions and the open offer, the acquirer will become part of Onix Solar Energy’s promoter and promoter group.

The offer opens on August 1, 2025, and closes on August 14.

Onix Renewable has delivered over 500 MW of projects, including wind, solar, storage, and hybrid systems. The company currently has a solar module capacity of 100 MW.

Recently, Rama Steel Tubes invested in Onix Renewable’s 225 MW Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM-KUSUM) program solar project. The project will be implemented by Onix Renewable’s special purpose vehicle, Onix IPP. The 225 MW project is part of 1,959 MW solar projects being developed by Onix Renewable across 252 locations in Maharashtra.

In January this year, Onix Renewable invited expressions of interest to set up 1,959 MW ground-mounted, fixed-tilt solar projects across 252 locations in Maharashtra. The company would supply the solar modules and inverters for the projects.

The company, along with Jindal India Renewable Energy, NTPC Renewable Energy, Kolar Solar Power (Rays Power Infra), ReNew Solar Power, and Adani Renewable Energy Holding Nine (Adani Green), won NHPC’s auction to set up 1,200 MW inter-state transmission system-connected solar power projects with 600 MW/1,200 MWh energy storage systems.