Renew Energy (RNW) Loses 27% as Firm Pulls Out from Acquisition Plan

ReNew Energy nosedived by 27.15 percent connected Monday to decorativeness astatine $5.50 apiece arsenic investors unloaded positions aft Masdar, 1 of the largest renewable vigor companies globally, pulled retired from a $1 cardinal program to instrumentality the erstwhile private.

In a connection implicit the weekend, Masdar said that it officially withdrew from a consortium that would person taken ReNew Energy Global Plc (NASDAQ:RNW) private.

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As a result, ReNew Energy Global Plc (NASDAQ:RNW) said that the full merger connection would nary longer propulsion through.

The determination followed a year-long negotiation, which raised the expected acquisition to $8.15 per stock from the archetypal connection of $7.07 apiece.

Apart from Masdar, the consortium besides included CPP Investments, ADIA (through Platinum Hawk), and ReNew’s ain laminitis and CEO, Sumant Sinha.

ReNew Energy Global Plc (NASDAQ:RNW) has yet to denote its adjacent steps pursuing the withdrawal of the transaction.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.