MUMBAI: ReNew Power, founded by Sumant Sinha, son of former Indian finance minister Yashwant Sinha, is going for a US listing through a merger with the Nasdaq-listed blank-check firm RMG Acquisition Corporation II. The deal gives ReNew an enterprise valuation of $8 billion. This is the first De-SPAC Indian transaction since 2016, according to merger adviser Bank of America.
\nA blank-check company, also called SPAC (special purpose acquisition company), has no commercial business. It raises money through an IPO with an aim to acquire or merge with an operational firm. De-SPAC is an event through which a SPAC gets merged with an operating outfit and stops being an acquisition vehicle.
\nReNew, the country\u2019s largest independent clean energy player, had earlier looked at an Indian IPO but dropped the plan due to market volatility. The transaction will be financed with cash proceeds of $1.2 billion, including $855 million in investments from serial dealmaker Chamath Palihapitiya and other global investors. ReNew will receive $610 million in net proceeds, which it will use to retire debt.<\/p>\n","protected":false},"excerpt":{"rendered":"
MUMBAI: ReNew Power, founded by Sumant Sinha, son of former Indian finance minister Yashwant Sinha, is going for a US listing through a merger with the Nasdaq-listed blank-check firm RMG Acquisition Corporation II. The deal gives ReNew an enterprise valuation of $8 billion. This is the first De-SPAC Indian transaction since 2016, according to merger adviser Bank of America. A blank-check company, also called SPAC (special purpose acquisition company), has no commercial business. It raises money through an IPO with an aim to acquire or merge with an operational firm. De-SPAC is an event through which a SPAC gets merged […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,246,137],"tags":[],"class_list":["post-402034","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/402034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=402034"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/402034\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=402034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=402034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=402034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}