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Business Standard
2 days ago
- Business
- Business Standard
ReNew Global's offer price raised to $8 apiece as valuation hits $3.2 bn
Nasdaq-listed ReNew Global Energy on Friday said a group of investors and three promoters intending to take the company private have increased the offer price to buy public shares at USD 8 apiece, raising the company's valuation to USD 3.2 billion (around Rs 27,000 crore). The offer price is USD 0.93 higher than their first offer made on December 10, 2024 - an increase of 13.2 per cent, the company said in a statement. This takes ReNew's valuation to USD 3.2 billion (around Rs 27,000 crore), it added. Three promoters and a new investor, Masdar, have offered USD 8 per share for a total of USD 880 million, up from USD 7.07 per share offered earlier. The revised offer has come from a consortium of investors, comprising Abu Dhabi's Masdar, Canada Pension Plan Investment Board (CPP Investments), Abu Dhabi Investment Authority (ADIA), and ReNew's founder and CEO Sumant Sinha. The group has offered to buy all outstanding shares of the company for USD 8.00 per share in cash, with the total transaction valuing USD 880 million, up USD 100 million from previous offer. To evaluate this offer, ReNew's board has formed a Special Committee of six independent directors, led by Manoj Singh, the Lead Independent Director. The committee is working with outside experts financial advisor Rothschild & Co and legal advisor Linklaters LLP to study the offer carefully. Discussions with the investor group are still ongoing, and no final decision has been made yet, the company said, adding that the Special Committee will share an update with the public when ready. The latest non-binding offer represents a 26.2 per cent premium versus the undisturbed share price of USD 6.34 as on December 10, 2024, and a 38.9 per cent premium compared to the 30-day volume-weighted average price of USD 5.76 per share.
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Business Standard
2 days ago
- Business Standard
Amarnath Yatra: 2nd batch of devotees leave Pahalgam, praise arrangement
Proper arrangements have been made for medical teams, air ambulances, and emergency evacuation plans to ensure maximum safety during the pilgrimage ANI General News The second batch of devotees departed from Pahalgam for the Amarnath Yatra on Friday morning. Amid the backdrop of the Pahalgam terror attack, devotees lauded the arrangements and said there is nothing to be afraid of. "I am from Noida, and we are a group of 13 people. This is my first time. I am very excited. The arrangements are very good. There is nothing to be afraid of," pilgrim Manoj Singh told ANI. Devotee Disha Chavda said that she will pray for peace in the country. Speaking to ANI, she said, "We will pray for everyone's peace and prosperity. The arrangements are excellent. I will pray for my country that there is peace everywhere. I am very excited for Baba's darshan." Meanwhile, the first batch of pilgrims chanted bhajans and performed the Aarti of Lord Shiva as they reached the Holy Amarnath Cave. The first batch had begun their trek towards the Holy Cave of Amarnath from the Baltal base camp on Thursday morning. Union Minister Shobha Karandlaje was also a part of this batch of pilgrims. Security in the whole Jammu region has been massively heightened for the Amarnath Yatra, following the April 2025 Pahalgam terror attack. Over 50,000 personnel, including those from the CRPF, Army, and Police, have been deployed, along with continuous monitoring through CCTV, drones, jammers, and facial recognition technology, along the route. Proper arrangements have been made for medical teams, air ambulances, and emergency evacuation plans to ensure maximum safety during the pilgrimage. The Amarnath Yatra, which began on Thursday, is being conducted through the Baltal and Pahalgam routes. The Jammu-Srinagar Highway is a key route for the thousands of pilgrims heading to the Holy Cave of Amarnath. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Wire
3 days ago
- Business
- Business Wire
ReNew Energy Global Plc Announces the Receipt of a Final Non-Binding Offer from Masdar, CPP Investments, ADIA and Sumant Sinha
GURUGRAM, India--(BUSINESS WIRE)--ReNew Energy Global Plc (' ReNew ' or the ' Company ') today announces that it has received 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. This 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 (' 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. No assurance can be given regarding the likelihood, terms or details of a potential transaction resulting from the final non-binding offer received from the Consortium or any other potential transaction. Further decisions or disclosures by the Special Committee will be made as appropriate or required. Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 'estimate,' 'objective,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target,' 'milestone,' 'designed to,' 'proposed' or other similar expressions that predict or imply future events, trends, terms and/or conditions or that are not statements of historical matters. The Company cautions readers of this press release that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control, that could cause the actual results to differ materially from the expected results. These forward-looking statements include, but are not limited to, statements regarding the Company's expectations regarding any proposal or offer received from the Consortium and uncertainty as to the pricing, timing or terms of any transaction with the Consortium or any other alternative transactions. Such forward-looking statements are based on current expectations and projections about future events and various assumptions. The forward-looking statements contained herein are also subject to other risks and uncertainties that are identified in the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the 'SEC') or Form 6-Ks furnished to the SEC by the Company. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking (except as required by applicable law) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. About ReNew ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~18.5 GWs on a gross basis as of June 16, 2025, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit and follow us on LinkedIn, Facebook, Twitter and Instagram.
Mint
3 days ago
- Business
- Mint
ReNew promoters, Masdar revise offer to take it private
The consortium of promoters of ReNew Energy Global has revised its offer to take the Nasdaq-listed renewable energy company private. The consortium on Thursday increased its offer price to $8 per share, payable in cash compared with the original offer of $7.07 per share. A filing by ReNew at the US Securities and Exchange Commission said: 'Our due diligence investigation has allowed us to assess the performance of the company and its outlook and refine our view on valuation. On that basis, the consortium is prepared to increase its offer price to US$8.00 per share, payable in cash, for the entire issued and to-be-issued share capital of the company not already owned by the members of the consortium.' "Our revised proposal would provide the company's shareholders with a 26% premium to the closing share price of $6.34 per share on December 10, 2024 and a 39% premium to the 30-day volume-weighted average price of $5.76 per share (as of December 10, 2024)," it said. Describing it as the "final non-binding offer", the filing said the revised proposal, which would provide shareholders with immediate liquidity and value certainty not available in public markets, would be in the best interest of the company and its shareholders, and the consortium trusts that it bears evidence of its willingness to take the transaction forward. The consortium expects the special committee, its advisors and the company to engage with top shareholders to ensure their support of the transaction, it said. In December last year, the consortium of promoters of ReNew Energy Global, including Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and founder Sumant Sinha, along with new investor Masdar, proposed to buy out the listed shares to take the company private. CPPIB, ADIA and Sinha, together own 64% of the company. Masdar, the new investor, is a UAE government-backed renewable energy company. The board of directors of the company formed a special committee led by Manoj Singh, the lead independent director, and comprising six independent non-executive directors, to consider the non-binding proposal. The consortium has now proposed the revised offer to the special committee. The role of the committee is to explore and evaluate all strategic capitalization and financing opportunities available to the company, including the proposal received from the consortium, and act in the interests of all investors. The company in June reported a five-fold year-on-year jump in its profit in the quarter ended March. Its net profit for the fourth quarter of FY25 stood at ₹ 313.7 crore ($37 million) compared with ₹ 60.9 crore ($7 million) a year earlier.
Time of India
19-06-2025
- Business
- Time of India
Adani can't sub-lease its data centre project to another co until it's complete, says Noida
Noida: Noida Authority has ruled out the possibility of sub-leasing its Sector 80 industrial plot to Noida Data Centre Ltd — a group firm of Adani Enterprises Ltd — before the project is declared functional. The decision marks a reversal of the Authority's earlier stance, with officials insisting they would not allow any relaxation from original allotment conditions. According to officials, the plot allotted to Adani in 2021 was still undeveloped and the company had not applied for map approval either. They cited Clause 14-B of the lease deed, which clarified that sub-leasing would be allowed only after the unit obtained an occupancy certificate and became operational. In July last year, the Authority had initially approved the sub-leasing of 10 acres in Sector 80 to Noida Data Centre Ltd — a special purpose vehicle (SPV) formed jointly by Adani Enterprises and EdgeConneX under the AdaniConnex venture. The land, allotted for Rs 70 crore in April 2021, was meant for developing a 50MW hyperscale data park within six years. However, the Authority reversed its decision at a meeting in March this year, following complications over transfer charges. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like O novo dispositivo que os idosos usam para ajudar na neuropatia (dor nos nervos) A arte do herbalismo Undo When the Authority demanded Rs 11 crore as transfer fee, Adani sought a waiver, citing a precedent where the Authority had allowed sub-leasing of its institutional plot in Sector 62 to another SPV without such charges. The company cited the Data Centre Policy of 2021. But although the policy allowed sub-leasing without transfer charges, it also empowered industrial development authorities to levy relevant fees under the UP Industrial Area Development Act, 1976. On June 9, the Authority denied the waiver and conveyed its decision to Adani through a letter, pointing out that the allottee had agreed to these provisions at the time of application and remained bound by them. Chief secretary Manoj Singh, who is also the Authority chairperson, also intervened. He clarified that the Sector 62 case couldn't be compared with that of Adani as it involved different categories of land use. Sector 80 followed industrial plot norms, while Sector 62 was allotted under institutional rules. "Noida Authority's policies for transfer or sub-lease of industrial and institutional plots are entirely different," Singh wrote to Authority CEO Lokesh M. In his letter, Singh also emphasised that the lease deed for the Sector 80 plot — executed in Oct 2021 — explicitly prohibited any kind of transfers before the project became functional. "The allottee was aware of the provisions.... Now, subsequent to signing the lease deed, the provisions of the Para 8.3.i of the Data Centre Policy 2021 cannot be taken recourse to," he wrote. While the IT and electronics department supported Adani's position — arguing that the Data Centre Policy should supersede the lease deed terms — the Authority stuck to its stance. A committee comprising the finance controller, chief legal adviser, and an additional CEO recommended that Adani's request for sub-lease and fee waiver be rejected, also insisting on project completion and the mandatory occupancy certificate. "Granting any relaxation would amount to a post-allotment benefit, which cannot be allowed under current rules," an official said.
