Cyril Amarchand Mangaldas Advises ReNew Power, and its Founder Sumant Sinha, on NASDAQ Listing through Business Combination with RMG Acquisition Corporation
Separate teams of Cyril Amarchand Mangaldas advised ReNew Power Limited (ReNew Power), and Mr. Sumant Sinha (Founder of ReNew Power), in relation to ReNew Power entering into a definitive business combination agreement (“BCA“) with Blank Check company RMG Acquisition Corporation II (RMG II) Pursuant to the BCA, non-resident shareholders of ReNew Power will acquire shares of ReNew Energy Global PLC, a UK entity, in exchange for their shares in ReNew Power, along with a merger of RMG II with ReNew Energy Global PLC and a PIPE investment of over USD 855 million in the combined entity.
This is the first major overseas listing of an Indian company through the SPAC (Special Purposed Acquisition Company) route.
Upon closing of the transaction, ReNew Energy Global PLC and would be publicly listed on NASDAQ under the symbol “RNW“. The total proceeds raised pursuant to the transaction is expected to be approximately USD 1.2 billion, with the listed entity having a market capitalisation of over USD 4.4 billion. The Transaction would bolster ReNew Power’s leading position in solar and wind renewable power generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt.
Three separate teams of Cyril Amarchand Mangaldas are involved in the transaction.
Advisory Team to ReNew Power
The Capital Markets team advising ReNew is led by Yash Ashar, Partner & Head – Capital Markets; Gokul Rajan, Partner; and Shatarupa Dasgupta, Partner; with support from Jyoti Bhardwaj, Principal Associate-Designate; Nishkarsh Jakhar, Associate; Ambuj Gupta, Associate; Shubham Sancheti, Associate; and Jhalak Shah, Associate.
The Competition team is being led by Vijay Pratap Singh Chauhan, Partner; with support from Ruchi Verma, Senior Associate; and Satvik Mohanty, Associate.
Advisory Team to the Founder Mr. Sumant Sinha
The General Corporate, Employment Law, Financing, and Competition team of Cyril Amarchand Mangaldas advised the Founder. The General Corporate team is led by Dhruv Singhal, Partner; with support from Sonakshi Arora, Senior Associate; and Nilomi Doshi, Associate.
The Employment team included Rashmi Pradeep, Partner; and Bharat Reddy, Partner.
The Financing team is being led by Santosh Janakiram, Partner & Head – Projects; and Sangita John, Partner; with support from Nandita Menon, Senior Associate assisted on implications on promoter level financing related issues.
Other parties involved in the Transaction included:
Goldman Sachs (India) Securities Private Limited and Morgan Stanley India Company Private Limited (“Morgan Stanley“) (financial advisors to ReNew in connection to the business combination)
Morgan Stanley & Co. LLC (joint placement agent to RMG II on the PIPE)
Latham & Watkins LLP (legal advisors to ReNew)
BofA Securities (exclusive financial advisor to RMG II and lead placement agent on the PIPE)
Skadden, Arps, Slate, Meagher & Flom LLP (legal advisor to RMG II)
Ropes & Gray LLP (legal counsel to the placement agents on the PIPE)
About Cyril Amarchand Mangaldas
India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups and governmental and regulatory bodies.
The Firm received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.