Onix releases notice of 10th Annual General Meeting and Key Special Business Proposals regarding Capital Structure

11 September 2024

• Annual General Meeting (AGM): The 10th AGM of Onix Renewable Limited is scheduled for September 30, 2024, at 11:00 am in Rajkot, Gujarat¹.
• Ordinary Business: Includes adopting financial statements, re-appointing a director, and appointing statutory auditors.
• Special Business: Proposals include increasing borrowing powers, increasing authorized share capital, issuing bonus shares, and considering an initial public offer (IPO).
• Other Notes: Details on proxy appointments, attendance slips, and explanatory statements for specific resolutions.

Key Details of Special Business:

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1. Increase in Borrowing Powers:

   • Proposal to increase the borrowing limit to Rs. 2000 Crores over and above the paid-up capital and free reserves.

2. Increase in Authorized Share Capital:

   • Proposal to increase the authorized share capital from Rs. 25 Crores to Rs. 100 Crores.

3. Issuance of Bonus Shares:

   • Proposal to issue bonus shares in the ratio of 1:10 (one bonus share for every ten equity shares held).

4. Initial Public Offer (IPO):

   • Proposal to consider and approve the process for an initial public offering of equity shares.

Currently, the shares of Onix Renewables are trading at ₹11,550/share at a market cap of ~₹1,900 Cr