ReNew Power’s Merger With Blank Cheque Company Cleared

ReNew Power Gets Ready For NASDAQ Listing With RMG Acquisition Corporation Merger Approved; To Trade As RNW From August 24, 2021

ReNew Power’s Merger With Blank Cheque Company Cleared

Soon after expanding its renewables portfolio to over 10 GW with expansion into the hydropower space, India’s ReNew Power has cleared its way to NASDAQ with RMG II merger. (Illustrative Photo; Photo Credit: zhengzaishuru/Shutterstock.com)

  • Blank cheque company RMB II’s stockholders have cleared its merger with India’s ReNew Power
  • It will lead to the creation of a new entity called ReNew Energy Global plc and RMG II will become a wholly-owned subsidiary of ReNew Global
  • ReNew Global will start trading on NASDAQ Global Select Market under the ticker RNW from August 24, 2021

Indian renewable energy producer ReNew Power Private Limited has secured approval from the stockholders of a blank cheque company called RMB Acquisition Corporation II to merge with it, which will lead the way for the creation of a new entity called ReNew Energy Global plc.

Under the plans, RMG II will become a wholly-owned subsidiary of ReNew Global which will now start trading on NASDAQ Global Select Market under the ticker RNW with class A shares, and its warrants to commence trading under ticker RNWWW, starting from August 24, 2021.

Led by Jim Carpenter, Bob Mancini, and Phil Kassin, RMG II intends to identify, acquire and operate businesses across a broad range of sectors.

ReNew Power had earlier announced its plans to merge with RMG in February 2021 to be able to list on NASDAQ after entering a definitive agreement to merge with RMG when the latter said it raised $345 million through an initial public offering (IPO) in December 2020 (see ReNew Power Getting Ready For NASDAQ Listing).

The Indian company operates in the space of wind and solar energy and has now forayed into the hydropower space, growing its total portfolio to exceed 10 GW. It aims to scale it up to 18 GW by 2025 (see ReNew Power Acquires 359 MW Hydro & Solar Assets).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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