Privatization Planned: Major Shareholders Plan Delisting of Renew Energy Global - Share Price Soars

Gurugram, India - On 10 December 2024, Renew Energy Global received a non-binding offer from major shareholders to take the company private.

According to the Indian renewable energy project operator, major shareholders Masdar, CPP Investments, Platinum Hawk and Sumant Sinha, the founder and CEO of Renew Energy Global, have made the offer to acquire the entire share capital not already held by members of the consortium for a cash consideration of USD 7.07 (approx. EUR 6.73) per share.

The Board of Renew has formed a Special Committee led by Manoj Singh, the Lead Independent Director, comprising the six independent non-executive directors of Renew to consider the non-binding proposal.

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

To assist in this work, the Special Committee has appointed Rothschild & Co as independent financial adviser and Linklaters LLP as independent legal adviser.

Renew Energy Global shares hit the turbo this week and are in first place in the RENIXX ranking after four days of trading, up 20.6% to EUR 6.86 (USD 7.43). This puts the share price slightly above the offer of the major shareholders.

Source: IWR Online, 13 Dec 2024