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RMG Acquisition Corporation II taking ReNew Power public

  • RMG Acquisition Corporation II (RMGB) confirms business combination with India's ReNew Power.

  • Pro forma consolidated & fully diluted enterprise value of approximately $8 Billon dollars .

  • Transaction expected to close in Q2 2021.

  • Total anticipated proceeds of $1.2B, comprised of $855M upsized stock of in ReNew Power, and $345M of gross cash held in trust by RMG II, subject to redemptions; anticipated net primary proceeds of approximately $610M to fund the company’s accelerated growth strategy and pay down debt.

  • The combined company would be named ReNew Energy Global PLC and would be publicly listed under the symbol “RNW”.

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