ReNew to delist from Nasdaq, gets a non-binding offer from Masdar

Gurgaon-based ReNew, which got listed on US Nasdaq, will start the process of delisting as leading global financiers place a non-binding offer to buy out the company's shares.

 

In a stock exchange filing, the company said: "ReNew Energy Global Plc (ReNew) has received a non-binding proposal dated December 10, 2024, from Abu Dhabi Future Energy Company PJSC-Masdar (Masdar), Canada Pension Plan Investment Board (CPP Investments), Platinum Hawk C 2019 RSC Limited as trustee for the Platinum Cactus A 2019 Trust (Platinum Hawk) (a wholly owned subsidiary of the Abu Dhabi Investment Authority, ADIA) and Sumant Sinha (the Founder, Chairman and CEO of ReNew) (together with Masdar, CPP Investments, and Platinum Hawk, the Consortium) to acquire the entire issued and to-be-issued share capital of the company not already owned by members of the Consortium, for cash consideration of $7.07 per share."

 

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.

 

ReNew has formed a special committee under lead independent director Manoj Singh to evaluate the offer. To assist in these efforts, the special committee has retained an independent financial advisor, Rothschild & Co, and independent legal counsel, Linklaters LLP, the company said.

 

ReNew is one of the top five renewable energy companies in India. In 2021, it became the first Indian renewable company to get listed on Nasdaq through the special purpose acquisition company (SPAC) route. ReNew currently has a portfolio of 16 gigawatts of assets in India.