ReNew Energy Global on Tuesday announced that it had received a final non-binding proposal from its key shareholders — Abu Dhabi Future Energy Company-Masdar, Canada Pension Plan Investment Board (CPPIB), Platinum Hawk, and Sumant Sinha, the founder, chairman and CEO of ReNew — to acquire the shares of the company for a consideration of $8.15 per share.
“This represents an increase of $1.08 per share, equivalent to 15.3%, from the initial non-binding proposal dated December 10, 2024,” ReNew said. The revised proposal represents a 28.5% premium versus the undisturbed share price of $6.34 on December 10, 2024, being the closing share price prior to the initial non-binding proposal becoming public and a 41.5% premium to the 30-day volume-weighted average price of $5.76 per share (as of December 10, 2024), it said.
The ReNew board has formed a special committee led by Manoj Singh, the lead independent director, and consisting of the six independent non-executive ReNew directors to consider the proposals received from the consortium.
The special committee is in the process of evaluating the revised proposal alongside its independent financial advisor Rothschild & Co and independent legal counsel Linklaters. Active discussions with the consortium remain ongoing and the special committee will provide a conclusive update as soon as reasonably practicable, it said.
No assurance can be given regarding the likelihood, terms or details of a potential transaction resulting from the revised proposal received from the consortium or any other potential transaction. Further decisions or disclosures by the special committee will be made as appropriate or required, it said.
In July this year, the company said the proposal from key shareholders would provide shareholders with immediate liquidity and value certainty not available in public markets, would be in the best interest of the company and its shareholders, and the consortium trusts that it bears evidence of its willingness to take the transaction forward.
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 the country .