ReNew Energy Global receives increased $8.00 per share acquisition proposal

ReNew Energy Global (RNW) announced that it has received a final non-binding offer dated July 2 from Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC as trustee for the Platinum Cactus A 2019 Trust and Sumant Sinha to acquire the entire issued and to be issued share capital of the company not already owned by members of the consortium for cash consideration of $8.00 per share. This represents an increase of 93c per share, equivalent to 13.2%, from the initial non-binding proposal dated December 10, 2024. The final non-binding offer represents a 26.2% premium versus the undisturbed share price of $6.34 on December 10, 2024, being the closing share price prior to the initial non-binding proposal becoming public and a 38.9% premium to the 30-day volume-weighted average price of $5.76 per share. As previously announced, the ReNew board of directors formed a special committee led by Manoj Singh, the lead independent director, consisting of the six independent non-executive ReNew directors to consider the proposals received from the consortium. The special committee is in the process of evaluating the final non-binding offer alongside its independent financial advisor, Rothschild & Co and independent legal counsel, Linklaters LLP. Active discussions with the consortium remain ongoing and the special committee will provide an update to the market as soon as reasonably practicable. No assurance can be given regarding the likelihood, terms or details of a potential transaction resulting from the final non-binding offer received from the consortium or any other potential transaction. Further decisions or disclosures by the special committee will be made as appropriate or required.