24/7 Market News Snapshot 11 December, 2024 – ReNew Energy Global plc Class A Ordinary Shares (NASDAQ:RNW)

December 11, 2024

DENVER, Colo., 11 December, 2024 (247marketnews.com) – (NASDAQ:RNW) are discussed in this article.
ReNew Energy Global plc has gained significant traction in the market, with its Class A Ordinary Shares (RNW) opening at $6.52 and presently trading at $6.96, showcasing an impressive rise of approximately 9.79%. This upward movement comes on the heels of a prior closing price of $6.34, indicating a growing interest from investors. The trading volume has reached 1.96 million shares, suggesting a robust market presence which could lead to continued fluctuations. Market analysts are closely monitoring resistance levels that may establish around $7.00, while support is anticipated near the initial trading price, underlining the need for a cautious approach in navigating entry points.

Simultaneously, ReNew Energy Global has received a notable non-binding acquisition proposal from a consortium comprising Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, and Sumant Sinha, the Founder, Chairman, and CEO of ReNew. The proposal, dated December 10, 2024, calls for the purchase of the total issued share capital not currently held by the consortium members, with an offered cash consideration of $7.07 per share.

In light of this proposal, ReNew’s Board of Directors has established a Special Committee of six independent directors to assess the strategic options available to the company, including the consortium’s offer. This committee, led by Lead Independent Director Manoj Singh, will ensure a comprehensive evaluation while safeguarding shareholder interests. Independent advisors from Rothschild & Co and legal representatives from Linklaters LLP have been engaged to assist in this process.

As the Special Committee continues its review, ReNew’s management remains focused on operational efficiency and will contribute to the assessment as necessary. The company acknowledges the complex nature of such proposals and does not guarantee any specific outcomes regarding a potential transaction. With a contracted clean energy portfolio of approximately 16.3 GW, ReNew remains committed to fostering innovative solutions in the fight against climate change. Further updates will be provided as the evaluation progresses.

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