Top shareholders offer to take India's Renew Energy private

Reuters
2024-12-11
Top shareholders offer to take India's Renew Energy private

Dec 11 (Reuters) - A group of shareholders has offered to take Indian clean energy firm Renew Energy Global RNW.O private, an SEC filing showed on Tuesday.

The group comprising Renew's founder and chairman, Sumant Sinha, Canada Pension Plan Investment Board, Abu Dhabi Investment Authority's subsidiary Platinum Hawk, and Masdar, owns 64% of the fully diluted public shares of the Nasdaq-listed company.

The group is offering shareholders of the company - whose market capitalisation stood at $2.37 billion as of last close, according to LSEG data - $7.07 per share, a premium of 11.5% to the stock's last close.

Renew, which has a clean energy portfolio of about 16.3 gigawatts (GW) as of Sept., is among the top firms in the renewable energy space in India, and competes with companies like Adani Green ADNA.NS and Tata Power TTPW.NS

"This proposal reflects Masdar's positive assessment of the strength of India’s renewable sector and would provide capital investment to support the country’s energy transition," the UAE government-owned renewable energy company said in a statement.

Renew shares have fallen about 36% since listing in Feb 2021.

(Reporting by Sethuraman NR, Andres Gonzalez in London; Editing by Tasim Zahid)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

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