ReNew Energy Global Plc has announced that it has received a revised, best and final non-binding proposal from a consortium including Abu Dhabi Future Energy Company PJSC (Masdar), Canada Pension Plan Investment Board (CPP Investments), and an entity affiliated with Abu Dhabi Investment Authority (ADIA). The offer involves acquiring all issued and to-be-issued shares of the company not already owned by the consortium, for a cash consideration of $8.15 per share.
A 15.3% improved proposal
The revised offer, dated October 10, increases the original price by $1.08 per share, representing a 15.3% uplift from the initial bid submitted in December 2024. Compared to the undisturbed closing price of $6.34 on December 10, 2024—before the initial proposal became public—the new bid offers a 28.5% premium. It represents a 41.5% premium over the 30-day volume-weighted average price of $5.76 as of the same date.
Special committee continues review
ReNew’s board of directors has confirmed that the special committee formed to evaluate the proposals, composed of six independent non-executive directors and chaired by Lead Independent Director Manoj Singh, is currently reviewing the offer with the assistance of its independent advisors. Rothschild & Co is acting as financial advisor, while Linklaters LLP is providing legal counsel.
Ongoing discussions without guaranteed outcome
Discussions with the consortium remain active, but there is no assurance that any transaction will result, nor clarity on the potential terms. The company stated that it will make further announcements as appropriate or required.
