ReNew Energy Global Plc Announces Possible Cash Offer from Consortium

ReNew Energy Global Plc has announced an agreement in principle on the key financial terms of a possible cash offer from a consortium including Masdar, CPP Investments, ADIA, and Sumant Sinha. The offer is for US$8.15 per share, representing a premium of 28.5% versus the undisturbed share price of US$6.34 on December 10, 2024, and a 41.5% premium to the 30-day volume-weighted average price of US$5.76 per share. The Special Committee of ReNew has indicated that the key financial terms of the Possible Offer represent a value that it would unanimously recommend to ReNew shareholders to vote in favor of, should a final binding offer be made on these terms. The offer is conditional on reaching agreement on other terms and conditions, regulatory clearances, and the completion of confirmatory due diligence. JERA Nex, which owns approximately 11.6% of the issued share capital of ReNew, has indicated that it is currently minded to vote in favor of this offer should it proceed to a scheme of arrangement vote.