INSUBCONTINENT EXCLUSIVE:
A consortium of key shareholders of ReNew Energy Global has raised the offer price to $8 per share from $7.07 last December for buying out
other shareholders in a $880 million bid to delist the company.ReNew on Friday said it has received "a final non-binding offer" from the
consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk, and ReNew founder and
chairman Sumant Sinha, to acquire the entire issued and to-be-issued share capital of the company currently not held by them.At $8 per
share, the consortium will have to pay $880 million to other shareholders who together own 27.5% stake in ReNew
The revised offer lifted shares of ReNew, which closed 11% higher at $7.67 apiece on Thursday on the Nasdaq.If the consortium succeeds in
buying out all other shareholders, it will be able to delist ReNew shares from Nasdaq where it has underperformed since its listing in
2021.
ETMarkets.com
Live EventsPolicy support to the renewable energy sector has waned in recent months in the US after the return of
President Donald Trump's administration
Renewable energy producers however enjoyed a decent run in India's private and public markets.A special committee of independent directors
was formed in December to consider the consortium's proposal
The panel is in the process of evaluating the final non-binding offer, the company said
So far, no shares have been tendered by other shareholders to the consortium
The consortium engaged with the panel for months and undertook due diligence before deciding to revise its offer price."Our due diligence
investigation has allowed us to assess the performance of the company and its outlook and refine our view on valuation," the consortium
wrote in an email to the committee on July 2, a copy of which has been filed with the US market regulator.
