Whalesbook
Onix Renewable Limited is launching a ₹20 crore open offer to acquire approximately 19.28% of Sarda Proteins Limited, buying shares at ₹115 each. This move is set to further consolidate Onix Renewable's control over Sarda Proteins as the latter undergoes a significant transformation into the renewable energy sector. The offer will acquire 17,30,400 equity shares of Sarda Proteins.
The offer price is fixed at ₹115.00 per equity share, with a face value of ₹10.00 per share. The total value of this open offer amounts to approximately ₹19.8 crore. Public announcements regarding this acquisition were made on March 18, 2026, with the detailed public statement following on March 27, 2026. The open offer period is scheduled to commence on May 12, 2026, and conclude on May 26, 2026, adhering to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
This open offer represents a substantial step in changing Sarda Proteins' shareholding and reinforcing control for Onix Renewable. Having already secured a controlling interest, Onix is now significantly increasing its stake. This underscores Onix Renewable's strategic objective to solidify its position within Sarda Proteins, which is actively pivoting its business model.
Onix Renewable Limited, a known entity in the renewable energy sector, previously acquired a 77.99% controlling stake in Sarda Proteins through warrant conversion. This acquisition aligns with Sarda Proteins' strategic decision to move away from its traditional food products and agro-processing business towards the Power Industry. The company is focusing on solar cell manufacturing and generation and intends to rename itself 'ONIX POWER LIMITED'.
Shareholding Structure: Public shareholders now have an opportunity to tender their shares at a premium, which could alter the company's ownership landscape.
Strategic Direction: Sarda Proteins is poised for a comprehensive transition into the renewable energy sector, guided by Onix Renewable's influence.
Control and Management: Onix Renewable's amplified stake strongly suggests a shift in management and strategic decision-making, prioritizing its renewable energy agenda.
Offer Subscription: There is a risk that the open offer might not attract enough shareholders, depending on market sentiment and investor response.
Past Regulatory Action: SEBI has previously taken action against individuals associated with the Sarda name for front-running activities, resulting in disgorgement of ₹1.43 crore and market bans. This history raises governance questions linked to the promoter group's past dealings.
In its former edible oil and agro-processing segments, Sarda Proteins faced competition from significantly larger entities. Peers such as Marico Ltd. (market capitalization of ₹97,848 Cr) and Patanjali Foods Ltd. (₹52,784 Cr) operate at a much larger scale than Sarda Proteins (₹76 Cr market cap). This highlights the substantial scale differences and potential challenges Sarda faced in its previous business lines.
For the quarter ended December 31, 2025, Sarda Proteins reported Net Sales of ₹0.25 Crore, marking a significant decrease from earlier periods. The company recorded a Net Profit of ₹-0 Cr for the same quarter. However, Sarda Proteins maintained a zero debt burden as of fiscal year 2025.
Investors will be tracking the offer's acceptance rate to gauge shareholder sentiment. Further regulatory approvals for the transaction or name change will be important. Observing how Onix Renewable integrates Sarda Proteins into its renewable energy business plan, and monitoring Sarda Proteins' future financial performance post-acquisition, will be key areas of focus.