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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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India's ReNew Power to Combine With SPAC RMG Acquisition II


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Dow Jones
By Colin Kellaher
Indian renewable energy producer ReNew Power Private Ltd. on Wednesday unveiled plans to go public through a combination with blank-check company RMG Acquisition Corp. II.
The companies said the deal gives ReNew a pro forma consolidated value of about $8 billion and will provide total proceeds of $1.2 billion, including $345 million held by RMG and $855 million from a fully committed private placement of common stock.
ReNew, founded in 2011, is India s biggest renewable power producer, with a portfolio of more than 100 operational utility-scale wind and solar energy projects.
ReNew s current shareholders, which include Goldman Sachs Group Inc., Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, will roll a majority of their equity into the combined company for a roughly 70% stake, ReNew and RMG said. ....

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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


RMG Acquisition Corporation II
ReNew Power, India’s Leading Renewable Energy Company, to Publicly List through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction
Wednesday, February 24, 2021 6:44PM IST (1:14PM GMT)
 
New York, United States & New Delhi, India:
 
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 ....

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