Mumbai: ReNew Energy, India’s largest renewable vitality firm, on Tuesday listed on the Nasdaq within the US via the particular function acquisition firm (SPAC) route and achieved a market capitalisation of almost $4.5 billion (about Rs 33,500 crore). That is the largest itemizing of an Indian entity via SPAC, the car via which an Indian firm may checklist within the US. At current, an Indian firm can’t straight checklist on a international bourse.
On Tuesday, ReNew Vitality, the UK-domiciled holding firm for ReNew Energy, began buying and selling on the US alternate beneath the ticker image ‘RNW’. In early trades, the inventory was quoted at $8.6.
Since beneath present guidelines an Indian firm can’t straight checklist on a international bourse, the UK-domiciled ReNew Vitality has been structured because the holding firm for ReNew Energy, the India-domiciled firm that owns all of the renewable vitality property within the nation.
Though it’s a circuitous path to itemizing within the US, it’s allowed beneath present legal guidelines.