Indian green power giant ReNew Energy moves towards delisting

The main shareholders of ReNew Energy Global Plc, one of India’s leading green power firms, have made a move to acquire the publicly held shares and delist the company from the NASDAQ.

Four major investors, including Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, and ReNew Energy CEO Sumant Sinha, have launched a non-binding offer to purchase the remaining shares at $7.07 per share, an 11.5 per cent premium over the last closing price.

ReNew Energy, which has 10.4 gigawatts of operational wind and solar capacity, aims to focus on India’s growing renewable energy sector, which is set to double its capacity by 2030.

The potential move to privatise could limit the company’s transparency, according to Bloomberg Intelligence analyst Sharon Chen. Sinha has previously stated that the company’s future investments will be concentrated in India.

Attribution: Bloomberg

Subediting: M. S. Salama