ReNew Power to list on Nasdaq this month, RMG investors approve merger
19 Aug 2021
ReNew Power, one of India’s leading renewable energy companies, is expected to get listed on NASDAQ by the end of this month. This will make it the second Indian green energy company to do so and the first through the ‘special purpose acquisition company’ (SPAC) route. Azure Power was the first Indian green energy company to list on the US stock exchange in 2016. RMG Acquisition Corp II, the US-based blank cheque company, which will aid the SPAC listing of ReNew Power, in a statement, said, “RMG II will become a wholly-owned subsidiary of ReNew Global, and ReNew Global’s class A shares and warrants are expected to commence trading on the Nasdaq Global Select Market. This has the highest initial listing standards of any exchange in the world, under the symbols “RNW” and “RNWWW”, respectively.” ReNew Power had announced that it will list on the NASDAQ through a business combination with RMG II. The pro forma consolidated and fully-diluted enterprise value is expected to be close to $8 billion. The company, in 2018, floated an initial public offering (IPO) to list in India but the issuance was called off. It is now taking the ‘SPAC)/blank check company’ route to list on NASDAQ. RMG II held a stakeholders’ voting on August 16 to approve its investment in ReNew Power. The company, in its statement on the
US Securities Exchange Commission (SEC), said approximately 88 per cent of the votes cast at the extraordinary general meeting were in favour of approving the business combination proposal.
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