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UAE-backed group to take India’s ReNew Energy private

By Pramod Kumar
ReNew Energy Global has a clean-energy portfolio of about 16.3GW and is one of India's major independent power producers Reuters
ReNew Energy Global has a clean-energy portfolio of about 16.3GW and is one of India's major independent power producers

A consortium including UAE-based investors plans to take the $2.4 billion Indian clean energy company ReNew Energy Global private.

The group, comprising Abu Dhabi Investment Authority’s subsidiary Platinum Hawk, Masdar, Canada Pension Plan Investment Board and Sumant Sinha, founder and chairman of ReNew, have proposed $7.07 per share.

This is a premium of 11.5 percent to the stock’s last close, according to a filing with the US Securities and Exchange Commission.

The ReNew board has formed a special committee to consider the non-binding proposal.  

The company has a clean energy portfolio of about 16.3 gigawatts (GW) as of November 2024 and is one of India’s major independent power producers.

Renew shares have fallen about 36 percent since listing in February 2021, Reuters reported.

Meanwhile, Indian fintech MobiKwik’s INR5.72 billion ($67.4 million) IPO was 7.3 times oversubscribed in the first hour of the launch, with the non-institutional portion subscribed 9 times, local media reported.

The fintech is backed by the Abu Dhabi Investment Authority and India’s Bajaj Finance.

MobiKwik’s IPO price band of INR265-279 per share indicates a $256 million valuation, 85 percent lower than its target in 2021.

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