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ReNew Power Announces IPO through Combination with RMG SPAC


ReNew Power Announces IPO through Combination with RMG SPAC
ReNew Power Private Limited, an Indian renewable energy producer, and
RMG Acquisition Corporation II have made a business combination agreement which provides an IPO for ReNew on the
Nasdaq Capital Market.
The merged company will be named
ReNew Energy Global PLC and be listed on the Nasdaq under the ticker symbol “RNW.” The transaction will consolidate ReNew’s position in solar and wind power generation in the Indian market, funding medium-term growth opportunities, as well as reducing its level of debt. The leadership of ReNew will remain unchanged, with
Sumant Sinha as chairman and CEO of the merged company, overseeing its strategic growth initiatives and expansion. ....

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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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Cyril Amarchand Mangaldas advises ReNew Power, and its founder Sumant Sinha, on NASDAQ listing through business combination with RMG Acquisition Corporation


Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas advises ReNew Power, and its founder Sumant Sinha, on NASDAQ listing through business combination with RMG Acquisition Corporation
ANI |
Updated: Feb 25, 2021 19:13 IST
Mumbai (Maharashtra)/Delhi, [India], February 25 (ANI/NewsVoir): Separate teams of Cyril Amarchand Mangaldas advised ReNew Power Limited (ReNew Power), and Sumant Sinha (Founder of ReNew Power), in relation to ReNew Power entering into a definitive business combination agreement ( BCA ) with Blank Check company RMG Acquisition Corporation II (RMG II) Pursuant to the BCA, non-resident shareholders of ReNew Power will acquire shares of ReNew Energy Global PLC, a UK entity, in exchange for their shares in ReNew Power, along with a merger of RMG II with ReNew Energy Global PLC and a PIPE investment of over USD 855 million in the combined entity. ....

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India's ReNew Power to list on Nasdaq following US$8bn deal with US SPAC


India’s ReNew Power to list on Nasdaq following US$8bn deal with US SPAC
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ReNew Power has a portfolio of more than 100 operational utility-scale PV and wind projects in India. Image: ReNew Power via Twitter.
Independent power producer ReNew Power has agreed to go public through a merger with RMG Acquisition Corporation II, a US special purpose acquisition company (SPAC), in a deal that values the combined entity at US$8 billion.
India-based ReNew said the transaction will bolster its position in solar and wind generation in its home market by funding medium-term growth opportunities, as well as paying down debt. ....

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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
(Mint)
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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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