1 month ago
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The main shareholders of a starring Indian greenish powerfulness company, ReNew Energy Global Plc, are looking to get the publically held shares of the company, paving the mode for an exit from its US listing.
Author of the article:
Bloomberg News
Lou Del Bello
Published Dec 11, 2024 • 1 infinitesimal read
(Bloomberg) — The main shareholders of a starring Indian greenish powerfulness company, ReNew Energy Global Plc, are looking to get the publically held shares of the company, paving the mode for an exit from its US listing.
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Four large investors that power astir two-thirds of the institution person launched a non-binding connection for the remaining shares successful the NASDAQ-listed steadfast astatine an 11.5% premium to its past closing stock price, they said successful an speech filing.
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Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, and ReNew Energy CEO Sumant Sinha are offering $7.07 a share.
ReNew Energy, which was listed connected the NASDAQ successful 2021, has 10.4 gigawatts of operational upwind and star capacity, making it 1 of the apical renewables firms successful India. The institution is targeting each segments of the cleanable vigor proviso chain, including transmission and decarbonization strategies for corporates, and is successful the process of expanding its photovoltaic manufacturing capacity.
Earlier this year, Sinha said the institution would refocus its investments connected India, which wants to treble its renewable capableness by the extremity of the decade.
“We don’t request to spell anywhere,” helium said successful a Bloomberg Television interview. “At this time, our absorption is wholly connected India.”
A imaginable privatization of the institution could hinder transparency, according to Bloomberg Intelligence expert Sharon Chen.
“Any tangible enactment from its sponsors and the resulting ownership whitethorn beryllium cardinal to watch,” she said successful a note.
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English (US) ·