Onix Solar non-promoter sells ₹85 cr of shares, cuts stake to 13.76%
Abhishek Kamdar cashed out 3.42% equity in the open market weeks after the rights issue allotment.
— 2 earlier stories on Onix Solar Energy Ltd. →What's new
- Abhishek Kamdar sold 12,62,148 shares (3.42% equity) for ~₹85 cr on July 6.
- Stake dropped from 17.18% to 13.76%.
- Sale comes after Kamdar acquired shares via rights issue.
Why this matters
Non-promoter sales carry less signaling weight than promoter transactions, but the size - roughly 3.42% of equity - is material for a small-cap. The move likely reflects profit-taking after the rights issue allotment rather than a change in business outlook.
What we're watching
- Whether Kamdar continues to sell from his remaining 13.76% stake.
- Any reaction from promoters or management.
- Impact on stock liquidity given the size of the sale.
The full read
Onix Solar Energy Ltd's non-promoter shareholder Abhishek Ashvinbhai Kamdar sold 12,62,148 shares in the open market on July 6, worth an estimated ₹85 crore. The sale reduced his stake from 17.18% to 13.76%, a 3.42% equity dump that comes just weeks after he picked up shares in the company's rights issue. While the move is large in absolute terms - about 3.42% of Onix Solar's ₹2,466 crore market cap - the seller is not a promoter, so the transaction carries less governance signal than a similar promoter sale. The disclosure under SEBI's takeover code confirms the sale crossed the 2% threshold. The filing does not point to any change in business fundamentals or management outlook. For a high-growth company (revenue up 202.1% trailing, PAT up 3,936.2%), this looks like profit-taking rather than a red flag. Still, the sheer size of the sale warrants a watch: if Kamdar continues to exit, it could pressure the stock.
Questions answered
- Why did Abhishek Kamdar sell Onix Solar shares?
- The filing does not disclose a reason, but the sale comes weeks after he acquired shares via the rights issue. The move likely reflects profit-taking.
- Is this sale a red flag for Onix Solar's fundamentals?
- No. The seller is a non-promoter, so the transaction does not signal a change in management outlook or business fundamentals. Onix Solar reported strong growth with sales of ₹70 cr and PAT of ₹26 cr in the latest quarter.
- How large is this sale relative to the company's market cap?
- The estimated ₹85 cr sale represents about 3.42% of Onix Solar's market cap of ₹2,466 cr, making it a significant open-market transaction.
- Does this sale trigger any regulatory obligations?
- Yes, the disclosure was made under SEBI's substantial acquisition and takeovers code because the sale crossed the 2% threshold, requiring a public filing.
- Was there any promoter selling around the same time?
- Yes, in June 2026, the promoter sold ₹26 cr of shares, reducing stake to 54.60%. The latest sale is by a non-promoter and is separate.
Onix Solar Energy Ltd.
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All notes on ONIXSOLAR →- 6 Jul 2026 · 7:41 PM IST Onix Solar non-promoter sells ₹85 cr of shares, cuts stake to 13.76%
- 1d ago Onix Solar board to meet July 15 for Q1 results
- 28d ago Onix Solar promoter sells ₹26 cr of shares, stake dips to 54.60%