ReNew Power merger with blank-check company RMG II gets CCI nod

The proposed merger of ReNew Power with blank-check company RMG Acquisition Corporation II (RMG II) has received clearance from the Competition Commission.

A blank-check company is a developmental stage firm that does not have established business plan.

An official release on Tuesday said the Competition Commission of India (CCI) has approved exchange of equity shareholding by existing shareholders of ReNew Power Pvt Ltd with shares of ReNew Global Ltd, along with a reverse triangular merger of subsidiary of ReNew Global with RMG II.

ReNew Power is into generating electricity through non-conventional and renewable energy sources.

The deal would result in the first major overseas listing of an Indian company via the Special Purpose Acquisition Company (SPAC) route.

A SPAC is a shell or blank-check company and its sole aim is to raise capital via an initial public offering to acquire a private business at a later date and then take it public without going through the traditional IPO route.