Latest News | Masdar, 3 Promoters of ReNew Energy Offer to Buy Entire Share Capital for USD 7.07/share

New Delhi, Dec 12 (PTI) Abu Dhabi-based renewable energy firm Masdar along with three promoters of the ReNew Energy Global Plc have offered to buy the entire share capital of the Nasdaq-listed company for a cash consideration of USD 7.07 per share.

The ReNew Board of Directors have formed a Special Committee (Special Committee) led by Manoj Singh, the Lead Independent Director, consisting of the six independent non-executive ReNew Directors to consider the non-binding proposal, a company statement said.

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If the deal goes through the company will be delisted from Nasdaq.

ReNew Energy Global Plc has received a non-binding proposal on Tuesday from Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk, and Sumant Sinha (the Founder, Chairman and CEO of ReNew) to acquire the entire issued and to be issued share capital of the company not already owned by members of the Consortium, for a cash consideration of USD 7.07 per share.

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The role of the Special Committee is to constructively explore and evaluate all strategic capitalization / financing opportunities available to the company, including the proposal received from the Consortium, and act in the interests of all investors.

To assist in these efforts, the Special Committee has retained an independent financial advisor, Rothschild & Co and independent legal counsel, Linklaters LLP.

While the Special Committee's evaluations are underway, the ReNew Executive Management's primary focus will be to continue to ensure the effective management of the company and in addition, contribute to the evaluation process, as required by the Special Committee.

No assurance can be given regarding the likelihood, terms or details of a potential transaction resulting from the proposal received from the Consortium or any other potential transaction, it stated.

Further, decisions or disclosures by the Special Committee will be made as appropriate or required, it also said.

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