The Competition Commission of India (CCI) has approved exchange of equity shareholding by the existing shareholders of ReNew Power with shares of ReNew Global, along with a reverse triangular merger of subsidiary of ReNew Global with RMG-II.
The proposed combination envisages exchange of equity shareholding by the existing shareholders of ReNew Power with shares of ReNew Energy Global (ReNew Global), along with a reverse triangular merger of wholly-owned subsidiary of ReNew Global with RMG Acquisition Corporation-II (RMG-II).
ReNew Global is a newly incorporated special purpose acquisition company. It was incorporated for the purpose of effecting a merger, stock purchase or a similar business combination, such as the proposed combination. RMG-II is traded on NASDAQ.
ReNew, along with its subsidiaries and joint ventures, is engaged in the business of generating electricity through non-conventional and renewable energy sources.