A consortium including UAE-backed entities has revised its proposal to delist India’s ReNew Energy Global from the Nasdaq stock exchange, increasing the offer to USD 8 per share. This final non-binding offer, submitted on 2 July 2025, values the renewable energy firm at approximately USD 3.2 billion.
The revised bid marks a 13.2% increase over the initial offer of USD 7.07 made on 10 December 2024. It also represents a 26.2% premium compared to the company’s undisturbed share price of USD 6.34 on the same date, and a 38.9% premium to its 30-day volume-weighted average price of USD 5.76.
The bidding consortium consists of Abu Dhabi Future Energy Company PJSC – Masdar, the Canada Pension Plan Investment Board (CPPIB), Platinum Hawk, and ReNew’s Chairman and CEO, Sumant Sinha. Together, they aim to acquire all outstanding Class A ordinary shares of ReNew Energy that are not currently held by consortium members or their affiliates.
According to a statement issued by the consortium, their due diligence assessment provided greater clarity on the company’s performance and future outlook, allowing them to refine the valuation.
ReNew Energy Global, one of India’s largest clean energy firms, has been listed on Nasdaq since its SPAC merger in 2021. The proposed delisting marks a strategic shift amid a broader trend of Indian companies reassessing foreign listings in favour of domestic capital markets.
