ReNew Power has completed its merger with RMG Acquisition Corporation II (RMG II). The merger has allowed ReNew Power to gain access to the listing and trading of its shares on Nasdaq. Subsequently, the company’s shares began trading on Nasdaq on 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.
ReNew Power had announced its plans to merge with RMG II in a deal with an enterprise value of $8 billion in February 2021. With the completion of this merger, 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, after redemptions and transaction fees. ReNew will use the proceeds to accelerate its growth, fund operations and pay off debt. 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 rules.
ReNew Power is a leading renewable energy independent power producer (IPP) in India. It has a current renewable asset base of nearly 10 GW, including projects under development and in the pipeline. In October 2019, ReNew Power became the first renewable energy company in India to cross 5 GW of installed capacity.
RMG II is 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.