Trade Unlisted is not regulated by the Securities and Exchange Board of India (SEBI). Investments in unlisted securities involve significant risk, including the risk of complete loss of capital. The filing of a Draft Red Herring Prospectus (DRHP) does not guarantee that an Initial Public Offering (IPO) will occur. Unlisted securities are inherently illiquid, price discovery may be limited, and exit opportunities may not materialize.
Trade Unlisted provides news, insights, and general market information for informational and educational purposes only. The content should not be construed as financial, investment, legal, or tax advice. Trade Unlisted does not act as a broker, investment advisor, fiduciary, or intermediary, and does not endorse, recommend, solicit, or validate any investment opportunity. Users are solely responsible for conducting their own independent due diligence before making any financial or investment decisions.
Onix Renewable Calls Shareholders' Meeting to Approve Merger with Eureka Industries Under PPIRP
Onix Renewable Limited has announced a meeting of its equity shareholders to seek approval for a Composite Scheme of Arrangement under the company's Pre-Packaged Insolvency Resolution Process (PPIRP).
As part of the proposed scheme, Onix Renewable Limited will be amalgamated with Eureka Industries Limited. Following the completion of the merger, Eureka Industries Limited will be renamed Onix Renewable Limited.
Key Highlights
- Onix Renewable Limited to merge with Eureka Industries Limited.
- The merger is being undertaken as part of the company's PPIRP resolution plan.
- Eureka Industries Limited will be renamed Onix Renewable Limited after the merger.
Share Swap Ratio
For shareholders of Onix Renewable Limited:
- Shareholders will receive 1 equity share of Eureka Industries Limited (face value ₹10) for every 1 equity share of Onix Renewable Limited (face value ₹10) held on the record date.
Capital Restructuring for Existing Eureka Industries Shareholders
For every 15 equity shares held:
- 1 equity share will be retained.
- 14 redeemable preference shares of ₹10 each will be issued.
- Preference shares will carry a 0.01% non-cumulative dividend.
- Preference shares will be redeemable after 10 years.
- The remaining 14 equity shares will be cancelled under the scheme.
Important Dates
- July 1, 2026 – Cut-off date for determining voting eligibility.
- July 4, 2026 (9:00 AM IST) – Remote e-voting opens.
- July 6, 2026 (5:00 PM IST) – Remote e-voting closes.
- July 7, 2026 (11:00 AM IST) – Shareholders' meeting through Video Conferencing (VC/OAVM).
What Investors Should Watch
The proposed merger represents a significant milestone in Onix Renewable's restructuring process. If approved by shareholders and regulatory authorities, the scheme will facilitate the company's resolution plan while enabling the merged entity to continue operations under the Onix Renewable brand name.
Investors will closely monitor the outcome of the shareholder vote, as the approval is a key step toward completing the proposed amalgamation and capital restructuring.
Comments