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

“This represents an increase of $1.08 per share, equivalent to 15.3%, from the initial non-binding proposal dated December 10, 2024. The revised proposal represents a 28.5% premium versus the undisturbed share price of $6.34 on December 10, 2024, being the closing share price prior to the initial non-binding proposal becoming public and a 41.5% premium to the 30-day volume-weighted average price of $5.76 per share (as of December 10, 2024),” ReNew said in a statement.

The company received the revised offer on 10 October.

ReNew’s board of directors has formed a special committee led by lead independent director Manoj Singh and consisting of six independent non-executive directors to consider the proposals received from the consortium. The special committee is in the process of evaluating the revised proposal alongside its independent financial adviser Rothschild & Co. and independent legal counsel Linklaters Llp.

“Active discussions with the consortium remain ongoing and the special committee will provide a conclusive update as soon as reasonably practicable,” the statement said.

It, however, added that no assurance can be given regarding the likelihood, terms or details of a potential transaction resulting from the revised proposal received from the consortium or any other potential transaction.

“Further decisions or disclosures by the special committee will be made as appropriate or required,” it added.

Buyout plan

In December last year, the promoters’ consortium including the Canada Pension Plan Investment Board (CPPIB), the Abu Dhabi Investment Authority (ADIA) and founder Sumant Sinha, along with new investor Masdar, proposed to buy out the listed shares to take the company private.

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