India's ReNew Power to list on Nasdaq next week

The shareholders of RMG Acquisition Corporation II (NASDAQ:RMGB) have given their nod to the blank check company’s merger with India’s ReNew Power Pvt Ltd and the deal is to be completed on August 23.

Via the business combination, ReNew Power will list on the Nasdaq in the US. The Indian renewable power producer backed by Goldman Sachs said on Monday that the deal has received support from RMG II’s stockholders after around 88% of the votes cast were in favour of the proposal.

In February, ReNew Power announced it would merge with RMG II in a deal with an enterprise value of USD 8 billion (EUR 6.79bn). The combination will be effected through a newly-incorporated holding company, ReNew Energy Global plc (ReNew Global), which will make RMG II its wholly-owned subsidiary. As a result, ReNew Global’s class A shares and warrants will start trading on the Nasdaq Global Select market on August 24 under the symbols “RNW” and “RNWWW,” respectively.

Following the transaction, RMG II’s units, shares and warrants will be delisted from the Nasdaq Capital Market. Closing of the merger is still subject to the satisfaction or waiver of the other customary conditions, according to the statement.

(USD 1.0 = EUR 0.850)

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