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Top shareholders offer to take India's Renew Energy private
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Top shareholders offer to take India's Renew Energy private
Dec 11, 2024 2:36 AM

Dec 11 (Reuters) - A group of shareholders has

offered to take Indian clean energy firm Renew Energy Global ( RNW )

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 and Tata Power

"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.

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