ReNew promoters, Masdar revise offer to take it private
The consortium on Thursday increased its offer price to $8 per share, payable in cash compared with the original offer of $7.07 per share.
A filing by ReNew at the US Securities and Exchange Commission said: 'Our due diligence investigation has allowed us to assess the performance of the company and its outlook and refine our view on valuation. On that basis, the consortium is prepared to increase its offer price to US$8.00 per share, payable in cash, for the entire issued and to-be-issued share capital of the company not already owned by the members of the consortium.'
"Our revised proposal would provide the company's shareholders with a 26% premium to the closing share price of $6.34 per share on December 10, 2024 and a 39% premium to the 30-day volume-weighted average price of $5.76 per share (as of December 10, 2024)," it said.
Describing it as the "final non-binding offer", the filing said the revised proposal, which would provide shareholders with immediate liquidity and value certainty not available in public markets, would be in the best interest of the company and its shareholders, and the consortium trusts that it bears evidence of its willingness to take the transaction forward.
The consortium expects the special committee, its advisors and the company to engage with top shareholders to ensure their support of the transaction, it said.
In December last year, the consortium of promoters of ReNew Energy Global, including Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and founder Sumant Sinha, along with new investor Masdar, proposed to buy out the listed shares to take the company private.
CPPIB, ADIA and Sinha, together own 64% of the company. Masdar, the new investor, is a UAE government-backed renewable energy company.
The board of directors of the company formed a special committee led by Manoj Singh, the lead independent director, and comprising six independent non-executive directors, to consider the non-binding proposal.
The consortium has now proposed the revised offer to the special committee.
The role of the committee is to explore and evaluate all strategic capitalization and financing opportunities available to the company, including the proposal received from the consortium, and act in the interests of all investors.
The company in June reported a five-fold year-on-year jump in its profit in the quarter ended March. Its net profit for the fourth quarter of FY25 stood at ₹ 313.7 crore ($37 million) compared with ₹ 60.9 crore ($7 million) a year earlier.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
16 minutes ago
- Hindustan Times
Brazil's President Lula plans joint statement with PM Narendra Modi, other BRICS leaders on Donald Trump's tariffs
Brazilian President Luiz Inacio Lula da Silva on Wednesday indicated his plans to call PM Narendra Modi and other leaders of the BRICS bloc in response to the tariffs imposed by US President Donald Trump. Brazil's President Luiz Inacio Lula da Silva speaks during an interview with Reuters at the Alvorada Palace, in Brasilia, Brazil, He said he was planning to ring PM Narendra Modi, Chinese President Xi Jinping and other leaders of BRICS.(REUTERS) The US tariffs on Brazilian goods jumped to 50% on Wednesday, but Lula said that his country won't announce any reciprocal measures. Instead, the Brazilian President told Reuters in an interview that he was planning to ring PM Narendra Modi, Chinese President Xi Jinping and other leaders of BRICS to discuss the possibility of a joint statement on Trump's tariffs. Trump had announced that the US would impose an additional 10 per cent tariff on 'any country aligning themselves with the Anti-American policies of BRICS' with 'no exceptions'. The BRICS countries, including India, had released a joint declaration voicing 'serious concerns' about the 'rise of unilateral tariff and non-tariff measures' in an apparent jibe at the Trump administration's trade policy. Lula might be looking for a more stinging statement from BRICS this time around. Brazil President doubles down on not calling Donald Trump Brazil's President Luiz Inacio Lula da Silva is in no rush to ring the White House, doubling down on his earlier statement that he wouldn't call Donald Trump to hold talks over the tariff issue. "The day my intuition says Trump is ready to talk, I won't hesitate to call him. But today my intuition says he doesn't want to talk. And I'm not going to humiliate myself," Lula told Reuters. Lula described the US-Brazil relations at a 200-year nadir after Trump tied the new tariff to his demand for an end to the prosecution of right-wing former President Jair Bolsonaro, who is standing trial for plotting to overturn the 2022 election. The President said Brazil's Supreme Court, which is hearing the case against Bolsonaro, "does not care what Trump says and it should not," adding that Bolsonaro should face another trial for provoking Trump's intervention, calling the right-wing former president a "traitor to the homeland." "We had already pardoned the US intervention in the 1964 coup. But this now is not a small intervention. It's the president of the United States thinking he can dictate rules for a sovereign country like Brazil. It's unacceptable," Lula said. Despite Brazil's exports facing one of the highest tariffs imposed by Trump, the new US trade barriers look unlikely to derail Latin America's largest economy, giving its President more room to stand his ground against Trump than most Western leaders.
Time of India
an hour ago
- Time of India
Agilent opens new biopharma centre in Hyd
Hyderabad: US-based analytical and clinical laboratory technologies player Agilent Technologies Inc has opened its new biopharma experience centre in Hyderabad. The facility will offer advanced laboratory technologies, expert training, and regulatory-ready workflows to expedite the development of high-quality, life-saving medicines. It will provide comprehensive solutions in chromatography, mass spectrometry, cell analysis, and lab informatics, enabling companies to simulate real lab environments and develop market-ready solutions, Agilent said. The new centre will also drive collaboration between industry and academia, support faster R&D, and align with international regulatory standards. Inaugurating the new facility on Tuesday, Telangana IT and industries minister Duddila Sridhar Babu said the centre will bolster Hyderabad's position as a leader in life sciences and healthcare innovation. He said Hyderabad's robust life sciences ecosystem contributes to nearly one-third of India's pharmaceutical production and 40% of bulk drug exports. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad Agilent Technologies CEO Padraig McDonnell said: "India is a strategic growth market for Agilent, and Hyderabad is at the forefront of biopharma innovation. This new centre reflects our commitment to delivering integrated solutions that help bring life-changing therapies to market faster and more efficiently. It also reinforces our support for the 'Make-in-India' initiative by empowering local innovation, nurturing talent, and enabling scalable, affordable, and sustainable solutions. " He said the investment is part of the company's broader strategy to expand its footprint in India and position it as a strategic hub in its global innovation roadmap.
Economic Times
an hour ago
- Economic Times
Apple stock jumps 6% on $100B U.S. pledge, powering Wall Street rally—Dow, S&P 500, Nasdaq climb as McDonald's, Shopify gain; AMD, Disney, Super Micro retreat
Synopsis Apple stock rally lifted Wall Street on Wednesday, pushing the S&P 500 and Nasdaq higher, as investors cheered Apple's bold plan to invest $100 billion more in the U.S. economy over the next four years. This massive commitment came ahead of a major White House announcement and fueled strong confidence in tech stocks. Gains in McDonald's, Shopify, and Arista Networks added momentum, while Super Micro, AMD, and Disney dragged the market with weaker results. With tariff concerns and interest rate cut hopes in the background, investors are watching the Federal Reserve closely ahead of its September decision. Apple (AAPL) surged 6% on Wednesday after announcing a massive $100 billion expansion in its U.S. investment plan, lifting market sentiment and fueling a tech-led rally on Wall Street. The stock closed at $214.39, up over $11 intraday, accounting for nearly half of the S&P 500's 0.7% daily gain. Wall Street closed higher on Wednesday, fueled by a sharp 6% rally in Apple Inc. (AAPL) after the tech giant unveiled a landmark $100 billion investment plan aimed at expanding its U.S. footprint over the next four years. The stock soared $11.47 to finish at $214.39, its highest close in weeks, and contributed nearly 50% of the S&P 500's total point gain for the day. Apple's move, expected to be officially announced at the White House later this week, would bring its total domestic investment to $600 billion, signaling strong confidence in the U.S. economy and providing a major sentiment boost to equity markets. Apple shares soared nearly 6% in Wednesday's trading session, accounting for almost half of the S&P 500's total gain. The surge came ahead of a major White House announcement, where Apple is expected to unveil plans to invest an additional $100 billion in the U.S. over the next four years. This move, set to increase its total domestic investments to $600 billion, signals strong corporate confidence in the American economy and helped reassure Wall Street amid mixed signals from other sectors. S&P 500 : Up 0.7% : Up Nasdaq Composite : Gained 1% : Gained Dow Jones Industrial Average: Rose 97 points or 0.2% The rally was concentrated in tech-heavy sectors, largely thanks to Apple, while other parts of the market saw mixed performance due to a varied batch of corporate earnings reports. Apple (AAPL) : +6% ($214.39) – $100B U.S. investment pledge sparks optimism : +6% ($214.39) – $100B U.S. investment pledge sparks optimism Shopify (SHOP) : +20% – Revenue beat and bullish Q3 guidance lifted the e-commerce giant : +20% – Revenue beat and bullish Q3 guidance lifted the e-commerce giant Arista Networks (ANET) : +18% – Strong AI infrastructure demand powered earnings surprise : +18% – Strong AI infrastructure demand powered earnings surprise McDonald's (MCD): +3% – Beat expectations; Minecraft-themed campaign boosted traffic The broader market showed mixed reactions to a flurry of Q2 earnings results: McDonald's stock climbed 3% after beating both profit and revenue expectations. A marketing campaign tied to the popular Minecraft movie helped drive traffic and sales. climbed after beating both profit and revenue expectations. A marketing campaign tied to the popular movie helped drive traffic and sales. Shopify shares surged nearly 20% after reporting better-than-expected revenue and issuing a strong revenue forecast for the next quarter, signaling robust e-commerce trends . surged nearly after reporting better-than-expected revenue and issuing a strong revenue forecast for the next quarter, signaling robust . Arista Networks jumped 18% thanks to higher-than-expected profits and a bullish outlook tied to growing AI infrastructure demand . jumped thanks to higher-than-expected profits and a bullish outlook tied to growing . Super Micro Computer fell sharply, losing 21% , as its earnings and guidance disappointed investors after a period of high gains. Despite an 88% gain earlier in the year, the stock tumbled following a weak quarterly update. fell sharply, losing , as its earnings and guidance disappointed investors after a period of high gains. Despite an 88% gain earlier in the year, the stock tumbled following a weak quarterly update. Disney stock slipped 3% , even though the company beat profit expectations. Revenue missed the mark, and analysts noted that investors were expecting a more optimistic forward outlook, especially after the announcement of a tentative deal with the NFL giving ESPN access to NFL Network, NFL Fantasy, and RedZone rights. slipped , even though the company beat profit expectations. Revenue missed the mark, and analysts noted that investors were expecting a more optimistic forward outlook, especially after the announcement of a giving ESPN access to NFL Network, NFL Fantasy, and RedZone rights. Advanced Micro Devices (AMD) dropped 6.6%, as its profit matched analyst forecasts but failed to impress investors who had driven the stock up 44% year-to-date. Solid projections weren't enough to overcome market fatigue and regulatory concerns over chip exports. Despite upbeat earnings in some corners, investors remain cautious about the overall economic outlook. Last week's weaker-than-expected U.S. jobs report has fueled speculation that the Federal Reserve may move to cut interest rates as early as its next meeting in September 2025. Bond markets reflected this cautious optimism: The 10-year Treasury yield inched up to 4.24%, just slightly above Tuesday's 4.22% but still well below last week's levels. Hopes for a rate cut are being weighed against the risk of rising inflation, which could follow looser monetary policy. Still, many see easing by the Fed as necessary to offset pressure from Trump-era tariffs and global economic uncertainty. President Donald Trump's renewed focus on tariffs continues to worry some investors, especially in light of potential trade barriers on pharmaceuticals, semiconductors, and Chinese exports. These geopolitical tensions may be weighing on business confidence and hiring decisions, as reflected in recent employment data. Stock indexes across Europe and Asia also posted moderate gains on Wednesday, mirroring the positive momentum from Wall Street. Overseas optimism remains tied to the strength of U.S. tech earnings and a possible easing in Fed policy, though global markets are keeping a close watch on U.S. tariff developments and inflation trends. Apple's historic investment pledge and its stock surge helped lift the entire market, showing how one major move from a tech giant can change investor sentiment. Strong showings from McDonald's, Shopify, and Arista provided additional tailwinds for the S&P 500 and Nasdaq. However, earnings disappointments from Disney, AMD, and Super Micro, along with ongoing tariff fears, underscore the market's underlying volatility. As September's Federal Reserve meeting approaches, Wall Street remains on alert. For now, Apple's bold commitment to the U.S. economy has delivered a much-needed dose of confidence. Q1: Why did Apple stock rise so much today? Apple stock jumped after news of a $100 billion U.S. investment plan that boosted investor confidence. Q2: What is driving Wall Street gains this week? Strong tech earnings, Apple's big investment, and hopes for interest rate cuts are lifting the markets.
