ReNew Power completes merger with RMG II

ReNew Power Private Limited, a leading renewable energy company, has completed its merger with RMG Acquisition Corporation II. RMG II has now become a wholly-owned subsidiary of ReNew Energy Global, according to a press release. ReNew's Class A ordinary shares and warrants are expected to begin trading on The Nasdaq Stock Market LLC (Nasdaq) on August 24 at the open of trading under the symbols RNW and RNWWW, respectively. After redemptions and transaction fees, ReNew received $610 million in net proceeds from this transaction, which included funds from the former trust account and a private placement in public equity(PIPE) of RMG II. PIPE has received funding from institutional investors including -- BlackRock, BNP Paribas Energy Transition Fund, Mr Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund, and Zimmer Partners. The funds will be used to accelerate growth, fund operations, and pay down the debt of the company. The combined company will be led by a senior management team, which includes Sumant Sinha (Chief Executive Officer) and D Muthukumaran (Chief Financial Officer). The Board of Directors of Renew will be made up of ten members, six of whom will be independent directors as defined by Nasdaq listing standards and SEC rules. Chairman Sumant Sinha will lead the Board of Directors, which will also include Robert Mancini, CEO of RMG II. RMG II's Board of Directors unanimously approved the transaction, as did its shareholders at an extraordinary general meeting on August 16. At the Extraordinary General Meeting, approximately 88% of the votes cast in favour of the business combination proposal were in favour of approval. According to the release, the shareholders of RMG II also approved all other proposals presented at the Extraordinary General Meeting. Image Source Also read: ReNew Power signs PPA for 400 MW power supply