Description

Open offer by Onix Renewable Limited and PACs to acquire 6.44% of Onix Solar Energy Limited (formerly ABC Gas International Limited) at ₹264 per share pursuant to SEBI SAST Regulations.

Summary

Onix Renewable Limited (Acquirer) along with Persons Acting in Concert (PACs) - Divyesh Mansukhbhai Savaliya, Piyush Mansukhbhai Savaliya, and Khilan Hareshbhai Savaliya - have launched an open offer to acquire 16,27,698 equity shares representing 6.44% of the emerging voting share capital of Onix Solar Energy Limited (formerly ABC Gas International Limited). The offer price is ₹264 per fully paid-up equity share of face value ₹10 each, payable in cash, pursuant to SEBI (SAST) Regulations 2011.

Key Points

  • Acquirer: Onix Renewable Limited with registered office at P-212 B, Gate No: 2, Lodhika GIDC, Rajkot, Metoda, Gujarat, 360021
  • Target Company: Onix Solar Energy Limited (CIN: L35105MH1980PLC022118), formerly ABC Gas (International) Limited
  • Offer Size: 16,27,698 equity shares (6.44% of emerging voting share capital)
  • Offer Price: ₹264 per equity share (face value ₹10)
  • Payment Mode: Cash
  • Regulatory Basis: SEBI (SAST) Regulations 3(1) and 4 for substantial acquisition with change in control
  • PACs: Divyesh Mansukhbhai Savaliya, Piyush Mansukhbhai Savaliya, Khilan Hareshbhai Savaliya
  • Contact: Phone +91 6358128992; Email cs@onixrenewable.in

Regulatory Changes

This open offer is mandated under Regulations 3(1) and 4 of SEBI (SAST) Regulations 2011 for substantial acquisition of shares/voting rights accompanied with change in control. The standard requirement under Regulation 7 is for 26% of emerging voting share capital, but the offer size is restricted to 6.44% representing only the eligible public shareholders’ holdings.

Compliance Requirements

  • Public shareholders of Onix Solar Energy Limited are eligible to participate in this open offer
  • Shareholders who have recently sold their equity shares should hand over the Letter of Offer and Form of Acceptance to the stock exchange member through whom the sale was effected
  • The offer is subject to all statutory approvals as may be required or may subsequently become necessary
  • Compliance with Regulation 23 of SEBI (SAST) Regulations 2011 regarding approvals specified in paragraph 8.4 of the LOF

Important Dates

  • Circular Date: October 16, 2025
  • Specific offer opening and closing dates to be confirmed in the detailed Letter of Offer

Impact Assessment

This takeover represents a change in control transaction for Onix Solar Energy Limited. The offer price of ₹264 per share (26.4x face value) indicates a premium pricing for the acquisition. The restricted offer size of 6.44% suggests that promoter/promoter group already holds substantial stake in the company, limiting public shareholding available for the mandatory open offer. Public shareholders have the opportunity to exit at the offer price. The involvement of multiple PACs from the Savaliya family indicates a strategic acquisition by a group with coordinated action.

Impact Justification

Mandatory open offer for substantial acquisition with change in control affecting 6.44% of public shareholders at premium offer price of ₹264 per share