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ReNew Energy Global Receives $6.75 a Share Buyout Proposal

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ReNew Energy Global (RNW) has received a nonbinding proposal from Canada Pension Plan Investment Board and ReNew's chief executive officer, Sumant Sinha, to acquire shares not already owned by the consortium for $6.75 each in cash, the company said Friday.

The renewable energy company said the proposed transaction would use a UK scheme of arrangement structure and allow shareholders either to accept the cash offer or retain their shares through a rollover election.

ReNew Energy said a special committee of independent directors is reviewing the proposal and has hired Rothschild as financial adviser and Linklaters as legal counsel.

The company said no assurance exists that the proposal or any other transaction will proceed.

Shares of the company were up nearly 3% in recent early Friday trading.

Price: $6.44, Change: $+0.19, Percent Change: +3.12%

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