ReNew on Friday stated it has obtained “a last non-binding provide” from the consortium of Abu Dhabi Future Vitality Firm PJSC-Masdar, Canada Pension Plan Funding Board, Platinum Hawk, and ReNew founder and chairman Sumant Sinha, to amass your complete issued and to-be-issued share capital of the corporate presently not held by them.
At $8 per share, the consortium should pay $880 million to different shareholders who collectively personal 27.5% stake in ReNew. The revised provide lifted shares of ReNew, which closed 11% increased at $7.67 apiece on Thursday on the Nasdaq.
If the consortium succeeds in shopping for out all different shareholders, it will likely be in a position to delist ReNew shares from Nasdaq the place it has underperformed since its itemizing in 2021.
ETMarkets.com
Coverage help to the renewable power sector has waned in current months within the US after the return of President Donald Trump’s administration. Renewable power producers nevertheless loved an honest run in India’s non-public and public markets.
A particular committee of unbiased administrators was fashioned in December to contemplate the consortium’s proposal. The panel is within the means of evaluating the ultimate non-binding provide, the corporate stated. To this point, no shares have been tendered by different shareholders to the consortium. The consortium engaged with the panel for months and undertook due diligence earlier than deciding to revise its provide worth.
“Our due diligence investigation has allowed us to evaluate the efficiency of the corporate and its outlook and refine our view on valuation,” the consortium wrote in an e-mail to the committee on July 2, a replica of which has been filed with the US market regulator.
