India's ReNew Power lists on Nasdaq, m-cap touches $4.5 bn

ReNew Power Pvt Ltd. (ReNew Power) made its Nasdaq debut on Tuesday through the special purpose acquisition company (SPAC) route, achieving a market capitalisation (m-cap) of around $4.5 billion (approx. Rs 33,500 crore). 

With this, ReNew Power has become India's first renewable company to list on the US-based bourse. 

Presently, an Indian company cannot directly list on an overseas stock exchange. ReNew Power said it has concluded "business combination" with US-based RMG Acquisition Corporation II (RMG II).

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The company had in February announced merger with the blank-check company (RMG II), giving the country's biggest renewable power producer an enterprise value of $8 billion and listing on Nasdaq.

A blank-check company is a developmental stage firm that does not have an established business plan.

"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...as ReNew," ReNew Power said in a statement.

"We will continue to work to expand clean power generation across India. We are excited to continue our work developing wind and solar power across India," stated ReNew Power CEO Sumant Sinha.

Robert Mancini, Chief Executive Officer and Director of RMG II said, "We have been proud to partner with the ReNew team throughout this process and look forward to continuing our relationship as we move into the next phase of growth for ReNew after the close of our transaction."

Also Read: India's ReNew Power to list on Nasdaq, aims to raise $1 billion