ReNew has announced Buyback of Class A shares
The Competition Commission of India (CCI) has approved increase in proportion of voting rights held by Canada Pension Plan Investment Board (CPPIB) in Gurgaon’s ReNew Energy Global plc (NASDAQ: RNW).
This is due to repurchase program to buyback Class A Ordinary Shares (i.e., shares carrying voting rights) announced by ReNew (Buyback), CCI said on 15 July 2022.
As a result of the Buyback, the aggregate number of voting shares of ReNew is expected to decrease, which may lead to a corresponding increase in the proportion of voting rights held by CPPIB.
CPPIB is an investment management organisation. It invests the funds transferred to it by the Canada Pension Plan Fund (CPP Fund) on behalf of 21 million contributors and beneficiaries.
ReNew, along with its subsidiaries and joint ventures, is engaged in the business of generating electricity through non-conventional and renewable energy sources. fiinews.com
