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”.