Onix Renewable Limited has announced a shareholder meeting to seek approval for its proposed Composite Scheme of Arrangement with Eureka Industries Limited, marking a key milestone in its corporate restructuring. The merger is being executed under the company's Pre-Packaged Insolvency Resolution Process (PPIRP) as part of efforts to strengthen its financial position, streamline the corporate structure, and support the company's long-term growth. Shareholders of Onix Renewable will vote on the proposal at a meeting scheduled for July 7, 2026, while remote e-voting will remain open from July 4 to July 6.

Under the proposed scheme, Onix Renewable will merge into Eureka Industries, and the merged entity will be renamed Onix Renewable Limited. Existing Onix shareholders will receive one equity share of Eureka Industries for every one Onix share held (1:1 swap ratio), ensuring a seamless transition. Meanwhile, Eureka's existing shareholders will undergo a capital restructuring, under which one equity share will be retained for every 15 shares held, while the remaining 14 shares will be converted into redeemable preference shares carrying a 0.01% annual dividend, redeemable after 10 years, subject to regulatory approvals.

If approved by shareholders and regulators, the merger is expected to simplify the corporate structure, strengthen Onix Renewable's financial restructuring, improve operational efficiency, and provide the company with a listed platform without pursuing a traditional IPO. The proposal remains subject to approvals from the National Company Law Tribunal (NCLT) and other regulatory authorities before becoming effective.