ReNew Global Energy Plc has announced that its promoters have submitted a final non-binding offer to acquire shares and delist the company from Nasdaq. The consortium of promoters has increased its offer price to $8.15 per share, payable in cash. This latest offer marks a significant increase from previous proposals, which began at $7.07 per share in December 2024 and were revised to $8 in June of the current year. The company received this revised offer on October 10.

According to ReNew, the new offer of $8.15 per share represents a 15.3% increase, or $1.08 per share, from the initial non-binding proposal issued on December 10, 2024. Furthermore, it constitutes a substantial premium of 28.5% over the undisturbed share price of $6.34 on December 10, 2024, which was the closing share price before the initial proposal became public. The offer also reflects a 41.5% premium when compared to the 30-day volume-weighted average price of $5.76 per share as of December 10, 2024.

In response to the proposals, ReNew’s board of directors established a special committee. This committee is led by lead independent director Manoj Singh and comprises six independent non-executive directors. The special committee is actively evaluating the revised proposal with the assistance of its independent financial adviser, Rothschild & Co., and independent legal counsel, Linklaters Llp. While active discussions with the consortium are ongoing, the company has stated that no assurance can be given regarding the likelihood, terms, or details of a potential transaction resulting from this or any other proposal. Further decisions and disclosures will be made as deemed appropriate or required by the special committee.

The buyout plan, initially proposed in December last year, involves a consortium of promoters seeking to take the company private by buying out its listed shares. This consortium includes the Canada Pension Plan Investment Board (CPPIB), the Abu Dhabi Investment Authority (ADIA), and founder Sumant Sinha. These three entities collectively hold a 64% stake in ReNew. Additionally, Masdar, a new investor and a UAE government-backed renewable energy company, has joined the consortium in this endeavor to delist ReNew Global Energy Plc.