ReNew Power has completed its merger with RMG Acquisition Corporation II (RMG II). The move was needed to allow the listing and trade of Renew Power’s shares on Nasdaq. Overseas companies use this route to list on the Nasdaq as it grants them access to American capital which would otherwise be limited to companies incorporated in the United States.
A statement from ReNew Power said that its ordinary shares will trade on the Nasdaq from Tuesday (August 24, 2021). ReNew’s Class A ordinary shares will trade under the symbol RNW and ReNew’s warrants will trade under the RNWWW symbol on the Nasdaq.
RMG II was a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses.
“The transaction was unanimously approved by RMG II’s Board of Directors and was approved at the extraordinary general meeting of RMG II’s shareholders held on August 16, 2021. As a result of the business combination, RMG II has become a wholly owned subsidiary of ReNew Energy Global,” a joint statement by ReNew and RMG II statement said,
With this transaction, ReNew has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and from a private placement in public equity (PIPE), after redemptions and transaction fees.
“The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management, TT Environmental Solutions Fund and Zimmer Partners. ReNew will use the proceeds to accelerate its growth, fund operations and pay off debt,” the RMG II statement added.
ReNew’s senior management team will continue to lead the combined company, including Sumant Sinha (Chief Executive Officer), D Muthukumaran (Chief Financial Officer), Balram Mehta (Chief Operating Officer), Sanjay Varghese (President and Head of Solar), Kailash Vaswani (Deputy CFO and President, Corporate Finance), and Mayank Bansal (Chief Commercial Officer).
The statement also said that ReNew’s Board of Directors will be comprised of ten members, six of whom are ‘independent directors’ as defined in the NASDAQ listing standards and applicable U.S. Securities and Exchange Commission (SEC) rules. The Board of Directors will be led by Sinha as the Chairman, and will also include Robert Mancini, CEO of RMG II.
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