Onix Renewable to Merge with Eureka Industries; Shareholder Vote Scheduled for July 7

Onix Renewable Merger with Eureka Industries Advances Under PPIRP

Onix Renewable Limited has taken a significant step in its corporate restructuring by announcing a shareholder meeting to approve a Composite Scheme of Arrangement with Eureka Industries Limited. The proposal is being implemented under the company's Pre-Packaged Insolvency Resolution Process (PPIRP) and is aimed at strengthening the business while creating a streamlined corporate structure.

The shareholder meeting is scheduled for July 7, 2026, following an e-voting process that will remain open from July 4 to July 6, 2026.

Key Highlights of the Proposed Merger

The restructuring plan includes the merger of Onix Renewable Limited into Eureka Industries Limited, after which the merged company will be renamed Onix Renewable Limited.

Share Swap Ratio

Under the proposed scheme:

• Shareholders of Onix Renewable Limited will receive 1 equity share of Eureka Industries for every 1 equity share held.

• The 1:1 share exchange ratio aims to ensure a smooth transition for existing Onix Renewable shareholders.

Capital Restructuring for Existing Eureka Shareholders

The scheme also proposes a significant restructuring of Eureka Industries' existing equity capital.

For every 15 equity shares held by existing Eureka shareholders:

• 1 equity share will be retained.

• 14 Redeemable Preference Shares will be issued.

These preference shares will carry a 0.01% annual dividend and are proposed to be redeemable after 10 years, subject to applicable regulations and approvals.

This capital restructuring is intended to facilitate the merger while aligning the capital structure of the combined entity.

Voting Timeline

Shareholders can participate in the approval process through electronic voting before the meeting.

Important Dates:

• E-voting Opens: July 4, 2026

• E-voting Closes: July 6, 2026

• Shareholders' Meeting: July 7, 2026

The outcome of the voting will determine whether the Composite Scheme of Arrangement receives the required shareholder approval before moving to the next stage of the regulatory process.

What This Means for Investors

The proposed merger represents an important milestone for Onix Renewable's restructuring journey under the PPIRP framework.

If approved, the transaction could:

• Simplify the corporate structure.

• Create a unified listed renewable energy company.

• Support long-term operational efficiency.

• Strengthen the company's financial restructuring efforts.

• Provide greater clarity for existing shareholders.

Investors should carefully review the scheme documents, understand the revised capital structure, and participate in the voting process before making investment decisions.

Outlook

The proposed merger between Onix Renewable Limited and Eureka Industries Limited marks a crucial development in the company's revival and restructuring strategy. As shareholder approvals and regulatory processes progress, market participants will closely monitor the implementation timeline and the future direction of the merged renewable energy business.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should conduct their own research and consult a financial advisor before making investment decisions.