ReNew Power Completes Business Combination with RMG II; Shares to Begin Trading on Nasdaq

Country’s leading renewable energy independent power producer (IPP), ReNew Power has completed its previously announced business combination with RMG Acquisition Corporation II (RMG II), after the latter’s Board and shareholders’ consent was received.

August 24, 2021. By Manu Tayal

Country’s leading renewable energy independent power producer (IPP), ReNew Power has completed its previously announced business combination with RMG Acquisition Corporation II (RMG II), after the latter’s Board and shareholders’ consent was received.
 
During the extraordinary general meeting, approx 88 per cent of votes were in favor of approving the business combination.
 
Besides, RMG II’s shareholders also voted to approve all other proposals presented at the extraordinary general meeting.
 
Now post shareholders approval, RMG II has become a wholly-owned subsidiary of ReNew Energy Global plc.
 
After open of trading on August 24, 2021, ReNew’s Class A ordinary shares and warrants are expected to commence trading on Nasdaq under the symbols RNW and RNWWW, respectively.
 
Commenting on the completion of the business combination process, Sumant Sinha, CEO of ReNew, said “the completion of our business combination with RMG II begins a new era for our company, and is a great step forward for enabling further decarbonization of the Indian power sector.”
 
“The entire ReNew team has remained laser-focused on maintaining our leadership position in Indian renewable energy throughout this process, and we will continue to work to expand clean power generation across India. We have the ability to do even more in bringing affordable, reliable, green, utility-scale power supply to more people and businesses in India through the implementation of our proprietary software and AI-enabled monitoring capabilities. We are excited to continue our work developing wind and solar power across India,” Sinha further added.
 
On the partnership with ReNew, Robert Mancini, Chief Executive Officer and Director of RMG II, said “we have been proud to partner with the ReNew team throughout this process, and look forward to continuing our relationship as we move into the next phase of growth for ReNew after the close of our transaction.”
 
“ReNew is now well-positioned to maintain and expand its leadership position as the largest renewable power generation company in India, and lead decarbonization efforts in one of the world’s largest and most dynamic economies. With a strong balance sheet, bolstered by over $870 million of cash from the transaction, ReNew offers investors a unique way to play the continued and accelerating clean electrification trend seen across the global economy. I look forward to working with Sumant and the whole ReNew team to bring their vision to reality,” Mancini commented.
 
As a result of this transaction, ReNew has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and from a private placement in public equity (PIPE), after redemptions and transaction fees.
 
The company said that it will use the proceeds to accelerate its growth, fund operations and pay off debt.
 
Also, ReNew’s senior management team will continue to lead the combined company, including Sumant Sinha as Chief Executive Officer, D Muthukumaran as Chief Financial Officer, Balram Mehta as Chief Operating Officer), Sanjay Varghese as President and Head of Solar, Kailash Vaswani as Deputy CFO and President, Corporate Finance, and Mayank Bansal as Chief Commercial Officer.
 
Meanwhile, the company’s Board, led by Chairman, Sumant Sinha, will comprise 10 members, including Robert Mancini, CEO of RMG II and 6 Independent Directors as defined in the NASDAQ listing standards and applicable U.S. Securities and Exchange Commission (SEC) rules.
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