Top shareholders offer to take India's Renew Energy private

ReNew Energy Global

11/12/2024 10:18

Dec 11 (Reuters) -    A group of shareholders has
offered to take Indian clean energy firm Renew Energy Global
 RNW.O  private, an SEC filing showed on Tuesday.
    The group comprising Renew's founder and chairman, Sumant
Sinha, Canada Pension Plan Investment Board, Abu Dhabi
Investment Authority's subsidiary Platinum Hawk, and Masdar,
owns 64% of the fully diluted public shares of the Nasdaq-listed
company.
    The group is offering shareholders of the company - whose
market capitalisation stood at $2.37 billion as of last close,
according to LSEG data - $7.07 per share, a premium of 11.5% to
the stock's last close.  
    Renew, which has a clean energy portfolio of about 16.3
gigawatts (GW) as of Sept., is among the top firms in the
renewable energy space in India, and competes with companies
like Adani Green  ADNA.NS  and Tata Power  TTPW.NS  
    "This proposal reflects Masdar's positive assessment of the
strength of India’s renewable sector and would provide capital
investment to support the country’s energy transition," the UAE
government-owned renewable energy company said in a statement.
    Renew shares have fallen about 36% since listing in Feb
2021.

 (Reporting by Sethuraman NR, Andres Gonzalez in London; Editing
by Tasim Zahid)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))