New Delhi: ReNew Energy Global Plc on Tuesday said it has agreed in principle to a $8.15-per-share cash buyout offer from a consortium of four key shareholders seeking to acquire all outstanding shares they do not already own.
The buyout would let the consortium delist the firm from Nasdaq, where ReNew has underperformed since its 2021 listing. ReNew shares rose 3% in early trading Tuesday at $7.76 apiece, but still about 15% down since listing.
The consortium comprises Masdar, CPP Investments, ADIA's subsidiary Platinum Hawk and ReNew chairman Sumant Sinha. It first made an offer of $7.07 per share last December and has since raised the price twice to win over other shareholders.
Following the initial offer, a special committee led by independent director Manoj Singh was constituted to evaluate the proposal.
The committee, advised by Rothschild & Co and Linklaters, "has indicated to the consortium that the key financial terms of the possible offer represent a value that it would unanimously recommend ReNew shareholders (to) vote in favour of, should a final binding offer be made on these terms," the company said in a regulatory filing.
The offer's progress depends on finalising terms, securing approvals and completing due diligence by the consortium, ReNew said. JERA Nex, the largest shareholder outside the consortium, "is currently minded to vote in favour of this offer" if the special committee makes a unanimous recommendation, it added.
The buyout would let the consortium delist the firm from Nasdaq, where ReNew has underperformed since its 2021 listing. ReNew shares rose 3% in early trading Tuesday at $7.76 apiece, but still about 15% down since listing.
The consortium comprises Masdar, CPP Investments, ADIA's subsidiary Platinum Hawk and ReNew chairman Sumant Sinha. It first made an offer of $7.07 per share last December and has since raised the price twice to win over other shareholders.
Following the initial offer, a special committee led by independent director Manoj Singh was constituted to evaluate the proposal.
The committee, advised by Rothschild & Co and Linklaters, "has indicated to the consortium that the key financial terms of the possible offer represent a value that it would unanimously recommend ReNew shareholders (to) vote in favour of, should a final binding offer be made on these terms," the company said in a regulatory filing.
The offer's progress depends on finalising terms, securing approvals and completing due diligence by the consortium, ReNew said. JERA Nex, the largest shareholder outside the consortium, "is currently minded to vote in favour of this offer" if the special committee makes a unanimous recommendation, it added.
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