New Delhi: ReNew Power Private Ltd on Tuesday announced the completion of its merger with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II (RMG II).
The merger puts an enterprise value of around $8 billion and an equity value of $4.4 billion on the new entity, ReNew Energy Global Plc.
SPACs are publicly traded shell companies that merge with unlisted companies to take them public, skipping the time-consuming conventional route of initial public offering (IPO). Indian green energy firms are exploring this option amid a growing focus on environmental, social and governance (ESG) investing.
“As a result of the business combination, RMG II has become a wholly owned subsidiary of “ReNew Energy Global plc” (the post-combination entity referred to in the remainder of this release as “ReNew”)….
