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ReNew Power, India's leading renewable energy company, to publicly list through business combination with RMG Acquisition Corporation II in $8 billion transaction


ReNew Power, India’s leading renewable energy company, to publicly list through business combination with RMG Acquisition Corporation II in $8 billion transaction
26th February 2021
ANTARA/Business Wire
• ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II (“RMG II”); upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol “RNW”
• Pro forma consolidated & fully diluted enterprise value of approximately $8 billion; transaction expected to close in the second quarter of 2021, subject to customary closing conditions
• Total anticipated proceeds of $1.2 billion, comprised of $855 million, upsized, fully-committed private placement of common stock in ReNew Power (the “PIPE”) and $345 million of gross cash held in trust by RMG II, subject to redemptions; anticipated net primary proceeds of approximat ....

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ReNew Power likely to explore India listing: CEO


ReNew Power likely to explore India listing: CEO
ReNew Power Ventures chairman and managing director Sumant Sinha said the firm is looking at different alternatives to raise capital
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ReNew Power Ventures Pvt. Ltd may explore an India listing, chairman and managing director Sumant Sinha said in an interview.
The development comes in the backdrop of the Goldman Sachs-backed clean energy company announcing a merger with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II (RMG II) on Wednesday, at an enterprise value of around $8 billion. The new entity, ReNew Energy Global Plc, will be listed on the Nasdaq under the ticker symbol ‘RNW’, at an equity value of $4.4 billion. In response to a query on considering an India listing plan, Sinha said: “We definitely might. ....

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