Global investors sends proposal to acquire ReNew shares
ReNew Energy Global Plc (NASDAQ: RNW, RNWWW) has formed a Special Committee to consider a non-binding proposal from a consortium of heavyweight investors to acquire the entire issued and to be issued share capital of the listed-company not already owned by their members for cash consideration of US$7.07 per share.
The non-binding proposal, dated 10 Dec, from Abu Dhabi Future Energy Company PJSC-Masdar (Masdar), Canada Pension Plan Investment Board (CPP Investments), Platinum Hawk C 2019 RSC Limited as trustee for the Platinum Cactus A 2019 Trust (Platinum Hawk) (a wholly owned subsidiary of the Abu Dhabi Investment Authority, ADIA) and Sumant Sinha (the Founder, Chairman and CEO of ReNew) (together with Masdar, CPP Investments and Platinum Hawk, the Consortium).
The ReNew Board of Directors’ Special Committee is led by Manoj Singh, the Lead Independent Director, consisting of the six independent non-executive ReNew Directors to review the proposal.
The role of the Special Committee is to constructively explore and evaluate all strategic capitalization and 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, said ReNew.
Further decisions or disclosures by the Special Committee will be made as appropriate or required, it said. fiinews.com
