ReNew Global's offer price raised to $8 apiece as valuation hits $3.2 bn

Nasdaq-listed ReNew Global Energy on Friday said a group of investors and three promoters intending to take the company private have increased the offer price to buy public shares at USD 8 apiece, raising the company's valuation to USD 3.2 billion (around Rs 27,000 crore).

The offer price is USD 0.93 higher than their first offer made on December 10, 2024 - an increase of 13.2 per cent, the company said in a statement.

This takes ReNew's valuation to USD 3.2 billion (around Rs 27,000 crore), it added.

Three promoters and a new investor, Masdar, have offered USD 8 per share for a total of USD 880 million, up from USD 7.07 per share offered earlier.

The revised offer has come from a consortium of investors, comprising Abu Dhabi's Masdar, Canada Pension Plan Investment Board (CPP Investments), Abu Dhabi Investment Authority (ADIA), and ReNew's founder and CEO Sumant Sinha.

The group has offered to buy all outstanding shares of the company for USD 8.00 per share in cash, with the total transaction valuing USD 880 million, up USD 100 million from previous offer.

To evaluate this offer, ReNew's board has formed a Special Committee of six independent directors, led by Manoj Singh, the Lead Independent Director.

The committee is working with outside experts financial advisor Rothschild & Co and legal advisor Linklaters LLP to study the offer carefully.

Discussions with the investor group are still ongoing, and no final decision has been made yet, the company said, adding that the Special Committee will share an update with the public when ready.

The latest non-binding offer represents a 26.2 per cent premium versus the undisturbed share price of USD 6.34 as on December 10, 2024, and a 38.9 per cent premium compared to the 30-day volume-weighted average price of USD 5.76 per share.