According to Reuters, the deal value would be around $2.8 billion. The offer price is 11 per cent higher than ReNew's closing stock price of $6.34 on December 10 on Nasdaq
That represents an 11.5 per cent premium to the stock's closing price of $6.34 on Nasdaq on Dec. 10. The offer's valuation is based on a total of 398.61 million diluted shares outstanding as of Aug 1
The company's shares have consistently traded well below a peak of about $12 in February 2021. A buyback of cheap shares could represent an opportunity as the Indian market is set to grow
In the previous session, the Sensex settled at 81,510.05, up marginally by 1.59 points. In contrast, Nifty settled at 24,610.05, down 8.95 points, or 0.05 per cent
At 6:35 AM, GIFT Nifty futures were trading 50 points higher at 24,753 levels, hinting at an upbeat start
Various factors like renewed buying by foreign investors, global cues and improving sentiment among other reasons were seen driving the markets on Thursday.
With limited domestic triggers, investors are expected to focus on stock-specific actions and developments in the primary markets
Investors will closely monitor quarterly earnings reports alongside manufacturing, composite, and services data for October
At 6:41 AM, GIFT Nifty Futures indicated a modest increase of 53 points, reaching 25,102 levels, suggesting a tentative start for the Indian markets.
Momentum back; wish next CEO from within Cognizant: Ravi Kumar S
At 7:20 AM, GIFT Nifty futures were trading approximately 8 points higher at 25,998 against Nifty futures close, suggesting a muted opening.
At 6:32 AM, GIFT Nifty futures were trading about 38 points lower at 26,307 levels, indicating a negative opening compared to the last close of Nifty futures.
"FM Smt. @nsitharaman spoke about the key initiatives of Government of India and the potential #investment opportunities in India," the finance ministry said in a post on X
The improvement in adjusted Ebitda was attributed to cost optimisation efforts driven by technology and product enhancements
The Nasdaq rose more than 2% on Thursday after July the US retail sales data signalled resilient consumer spending, allaying fears of an imminent recession in the world's largest economy.
At 6:31 AM, GIFT Nifty futures surged 230 points, trading at 24,367, suggesting a strong start for Indian stocks.
At 6:50 AM, GIFT Nifty futures were down 179 points, trading at 24,187.5, indicating a negative start for Indian stocks.
Stock Market Highlights on August 7: As many as 44 out of 50 constituent stocks of the Nifty50 ended higher, with ONGC, Coal India, Adani Enterprises, and Adani Ports gaining up to 7.45 per cent
As of 6:31 AM, GIFT Nifty futures were up 84 points, trading at 24,140.5, suggesting a positive start for the Indian bourses.
A technical pullback coupled with speculation of an aggressive rate cut by the US Fed has propelled Asian shares on Tuesday morning, says Kranthi Bathini of WealthMills Securities.