ReNew Energy Global Plc’s (NASDAQ: RNW) stock saw a sharp increase, closing at $7.46 after climbing 17.67% on the charts. The rise came after a non-binding purchase proposal on December 10, 2024, to buy all of RNW’s issued and planned share capital.
Details of the Acquisition Proposal
A consortium comprise of ReNew’s founder, chairman, and CEO Sumant Sinha, the Canada Pension Plan Investment Board (CPP Investments), Platinum Hawk C 2019 RSC Limited (serving as trustee for the Platinum Cactus A 2019 Trust, a division of the Abu Dhabi Investment Authority), and Abu Dhabi Future Energy Company PJSC-Masdar have submitted the proposal.
The consortium has offered $7.07 a share for the shares that its members do not currently hold. As investors consider the proposal’s possible ramifications, the market has shown a great deal of interest in this cash offer.
Special Committee Formed for Evaluation
In response to the request, ReNew’s Board of Directors has formed a Special Committee, which is led by Manoj Singh, the company’s Lead Independent Director. In the best interests of all shareholders, the committee, which consists of six independent non-executive directors, will carefully evaluate the proposal and look into further strategic options for RNW. The Special Committee has hired Linklaters LLP as legal counsel and Rothschild & Co. as an independent financial advisor to help the examination.
Attention to Business Development
ReNew’s Executive Management continues to concentrate on the business’s operations while the Special Committee considers the proposal. In accordance with the committee’s requests, its management will continue to supervise the daily operations and support the review process.
ReNew (RNW) has seen rapid expansion in recent years, with its commissioned capacity reaching 10.1 GW, and its portfolio currently stands at over 15.6 GW. Due to its recent proposal and solid development trajectory, ReNew has been a focus point for investors, demonstrating its increasing significance in the renewable energy sector.
