ReNew Energy Global Moves Step Closer To Possible NASDAQ Delisting

ReNew Global Energy Plc has announced that it has received a best and final non-binding proposal dated October 10, 2025 (the “Revised Proposal”), 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) 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$8.15 per share. This represents an increase of US$1.08 per share, equivalent to 15.3%, from the initial non-binding proposal dated December 10, 2024. The Revised Proposal represents a 28.5% 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 41.5% 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 (“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 Revised Proposal 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 a conclusive update as soon as reasonably practicable. It has been reasonably speculated that a delisting would not only free up the from from compliances in the US besides restricting equity access in that market, but also lead to a better valuation in Indian markets as well as access to more capital from the Middle East region as well. 

ReNew Global listed on NASDAQ in August 2021 with a valuation of approximately $4.5 billion. This debut followed its merger with RMG Acquisition Corporation II, a SPAC, making it thefirst Indian renewable energy company to be listed on the exchange. The firm remains the second largest clean power developer in India with a portfolio set to touch 20 GW this financial year or early next year.