RENEW POWER TO PUBLICLY LIST ON NASDAQ VIA BUSINESS COMBINATION WITH RMG II

KUALA LUMPUR, Feb. 25 (Bernama) -- ReNew Power Private Limited (ReNew) and RMG Acquisition Corporation II (RMG II) have announced the execution of a definitive agreement for a business combination that would result in ReNew becoming a publicly listed company on the NASDAQ.

According to a statement, upon closing of the transaction, the combined company would be named ReNew Energy Global PLC and publicly listed under the symbol ‘RNW’.

The transaction would further bolster ReNew’s leading position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt.

The pro forma consolidated & fully diluted market capitalisation of the combined company would be approximately US$4.4 billion at the US$10 per share PIPE subscription price, assuming no RMG II shareholders exercise their redemption rights. (US$1 = RM4.04)

Gross cash proceeds are estimated to be approximately US$1.2 billion, comprising US$855 million from the PIPE and approximately US$345 million of cash held in trust by RMG II, before any adjustments due to potential redemptions by RMG II shareholders.

Proceeds will be used to support ReNew’s growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity, as well as to reduce debt.

ReNew’s leadership will remain intact, with Sumant Sinha as Chairman & Chief Executive Officer of the combined company, overseeing its strategic growth initiatives and expansion.

Additional information available at www.rmgacquisition.com/

-- BERNAMA