STOCKS TELEGRAPH

Tag: NASDAQ:RNW

  • Investor Buzz Grows After ReNew Energy (RNW) Reveals Takeover Proposal

    Investor Buzz Grows After ReNew Energy (RNW) Reveals Takeover Proposal

    ReNew Energy Global Plc’s (NASDAQ: RNW) stock saw a sharp increase, closing at $7.46 after climbing 17.67% on the charts. The rise came after a non-binding purchase proposal on December 10, 2024, to buy all of RNW’s issued and planned share capital.

    Details of the Acquisition Proposal

    A consortium comprise of ReNew’s founder, chairman, and CEO Sumant Sinha, the Canada Pension Plan Investment Board (CPP Investments), Platinum Hawk C 2019 RSC Limited (serving as trustee for the Platinum Cactus A 2019 Trust, a division of the Abu Dhabi Investment Authority), and Abu Dhabi Future Energy Company PJSC-Masdar have submitted the proposal.

    The consortium has offered $7.07 a share for the shares that its members do not currently hold. As investors consider the proposal’s possible ramifications, the market has shown a great deal of interest in this cash offer.

    Special Committee Formed for Evaluation

    In response to the request, ReNew’s Board of Directors has formed a Special Committee, which is led by Manoj Singh, the company’s Lead Independent Director. In the best interests of all shareholders, the committee, which consists of six independent non-executive directors, will carefully evaluate the proposal and look into further strategic options for RNW. The Special Committee has hired Linklaters LLP as legal counsel and Rothschild & Co. as an independent financial advisor to help the examination.

    Attention to Business Development

    ReNew’s Executive Management continues to concentrate on the business’s operations while the Special Committee considers the proposal. In accordance with the committee’s requests, its management will continue to supervise the daily operations and support the review process.

    ReNew (RNW) has seen rapid expansion in recent years, with its commissioned capacity reaching 10.1 GW, and its portfolio currently stands at over 15.6 GW. Due to its recent proposal and solid development trajectory, ReNew has been a focus point for investors, demonstrating its increasing significance in the renewable energy sector.

  • ReNew Energy (RNW) Stock Jumped After Release Of Financials

    ReNew Energy (RNW) Stock Jumped After Release Of Financials

    ReNew Energy Global Plc (NASDAQ: RNW) experienced a notable surge, witnessing an 8.60% increase to settle at $6.44 during the previous trading session. This upswing in the value of ReNew Energy stock was instigated by the divulgence of its financial performance.

    In its latest disclosure, ReNew Energy (RNW) unveiled the consolidated unaudited IFRS results for the three-month period culminating on September 30, 2023. The company’s extensive portfolio comprised 13.8 GWs, with approximately 8.3 GWs already commissioned and an additional 5.5 GWs committed. This marked an advancement from the 13.4 GWs reported as of September 30, 2022.

    During the initial half of the financial year 2024, the aggregate revenue achieved a milestone of $641 million, marking a notable ascent from the $571 million documented in the corresponding period of FY23. The net profit for H1 FY24 demonstrated a substantial reversal, reaching $81 million, a remarkable departure from the preceding net loss of $13 million incurred in H1 FY23. The Adjusted EBITDA for H1 FY24 registered at $480 million, surpassing the prior figure of $462 million reported in H1 FY23.

    Total Income for the second quarter of fiscal year 2024 surpassed $270 million in Q2 FY23 to $345 million. A net profit of $45 million was recorded for Q2 FY24, up from $12 million for Q2 FY23. The company earned $256 million in Adjusted EBITDA in Q2 FY24, up from $219 million in Q2 FY23. In Q2 FY24, Cash Flow to Equity (“CFe”) was $112 million, a $26 million increase over Q2 FY23.

    Significantly, Days Sales Outstanding (“DSO”) concluded Q2 FY24 at 112 days, reflecting a substantial 119-day improvement compared to the previous year. Additionally, ReNew Energy revised its FY24 Adjusted EBITDA guidance range upward by 3%, maintaining the expectation of completing the construction of 1,750 to 2,250 MWs by the conclusion of Fiscal Year 2024.