KUBERGROW TEAM Unlisted shares of Onix Renewable Limited witnessed a steep price adjustment of over 97% this week following a substantial 44:1 bonus issue. The move, announced earlier as part of the company’s capital restructuring plan, significantly increased the number of outstanding shares, thereby proportionately adjusting the per-share price.
The bonus issue was approved by the Board on May 30, 2025, with the record date set for July 25. Investors who held shares as of that date received 44 additional shares for every 1 share held. As a result, the market price adjusted from nearly ₹10,000 per share pre-bonus to approximately ₹225 per share post-bonus, aligning with the 45x increase in share quantity.
The unlisted market reflected the adjusted pricing between July 26 and 28, leading to what appeared to be a sudden drop in price. However, experts clarified that this was a technical adjustment and not indicative of any change in the company’s underlying valuation.
Onix Renewable has demonstrated impressive performance, with revenue growing by 121% year-on-year in FY24. The company is now gearing up for a major expansion, targeting the development of 7 GW of renewable energy capacity and 5 GW of solar module manufacturing over the next three years. With plans underway for a public listing, Onix is positioning itself as a frontrunner in India’s clean energy space. Its aggressive push into green infrastructure, backed by robust demand from institutional and HNI investors, reinforces its reputation as a high-potential pre-IPO candidate in the renewable energy sector.
“Bonus issues like this do not dilute the value of a holding, they simply redistribute it across more units,” said a Mumbai-based private equity analyst.
