ReNew Global promoters offer higher price to delist co from Nasdaq

New Delhi: ReNew Global Energy Plc on Tuesday said its promoters have made a final non-binding offer to buy back shares and delist the Nasdaq-listed company.

The consortium of promoters increased the offer price to $8.15 per share, payable in cash, ReNew said. Last December, promoters offered $7.07 per share and revised it to $8 in June this year.

“This represents an increase of $1.08 per share, or 15.3%, over the initial non-binding offer dated December 10, 2024. The revised offer represents a premium of 28.5% over the pristine share price of $6.34 on December 10, 2024, the closing share price before the initial non-binding offer went public, and represents a premium of 41.5% over the 30-day offer volume The weighted average price is $5.76 per share (as of December 10, 2024), ReNew said in a statement.

The company received the revised offer on October 10.

ReNew’s board has constituted a special committee, led by independent lead director Manoj Singh and comprising six independent non-executive directors, to evaluate the bids received from the consortium. The special committee reviewed the revised proposal with independent financial advisor Rothschild & Co. and independent legal counsel Linklaters Llp.

“Active discussions with the consortium are ongoing and the ad hoc committee will provide a final update as soon as reasonably practicable,” the statement said.

However, it added that no assurance can be given as to the possibility, terms or details of a potential transaction resulting from the revised bid received from the consortium or any other potential transaction.

“Further decisions or clarifications by the special committee will be made as appropriate or necessary,” the statement said.

purchasing plan

In December last year, a consortium of supporters including the Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and promoters Sumant Sinha, as well as new investor Masdar, offered to buy the listed shares to take the company private.

CPPIB, ADIA and Sinha together own 64% of the company. The new investor, Masdar, is a UAE government-backed renewable energy company.