Roth Capital lowered the firm’s price target on ReNew Energy Global (RNW) to $8 from $8.15 and keeps a Buy rating on the shares. The company has disclosed on December 15 that Masdar had withdrawn from the investor consortium, and as a result, the consortium will no longer proceed with the proposed take-private transaction, the analyst tells investors in a research note. While no explanation was provided for Masdar’s withdrawal, the decision was unexpected given how close the parties appeared to be to a final agreement, the firm added.
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