ReNew Has A Non-Binding Buyback Offer From CMD Sumant Sinha & Others

NASDAQ listed ReNew Global Energy plc has confirmed the receipt of a final non-binding offer dated July 2, 2025, from Abu Dhabi Future Energy Company PJSC-Masdar (“Masdar”), Canada Pension Plan Investment Board (“CPP Investments”), Platinum Hawk C 2019 RSC Limited as trustee for the Platinum Cactus A 2019 Trust (“Platinum Hawk”) (a wholly owned subsidiary of the Abu Dhabi Investment Authority, “ADIA”) and Sumant Sinha (the Founder, Chairman and CEO of ReNew) (together with Masdar, CPP Investments and Platinum Hawk, the “Consortium”) to acquire the entire issued and to be issued share capital of the Company not already owned by members of the Consortium for cash consideration of US$8.00 per share. The firm was listed at NASDAQS through a SPAC vehicle in 2021.

This buyback offer represents an increase of US$0.93 per share, equivalent to 13.2%, from the initial non-binding proposal dated December 10, 2024. The final non-binding offer represents a 26.2% premium versus the undisturbed share price of US$6.34 on December 10, 2024, being the closing share price prior to the initial non-binding proposal becoming public and a 38.9% premium to the 30-day volume-weighted average price of US$5.76 per share (as of December 10, 2024).

As previously announced, the ReNew Board of Directors formed a Special Committee led by Manoj Singh, the Lead Independent Director, consisting of the six independent non-executive ReNew Directors to consider the proposals received from the Consortium.

The Special Committee is in the process of evaluating the final non-binding offer alongside its independent financial advisor, Rothschild & Co and independent legal counsel, Linklaters LLP. Active discussions with the Consortium remain ongoing and the Special Committee will provide an update to the market as soon as reasonably practicable.

The firm had announced plans to consider a buy back offer back in December, post which the languishing stock price had perked up a little on NASDAQ. A strong end to FY25 has further helped the price bump up, but the prospective buyers clearly believe the firm is not valued adequately by investors at NASDAQ. ReNew in fact trades at a significant discount to peers listed in India, a factor that has obviously weighed on the decision to seek a delisting and possibly a listing in India at some stage in the future.