The Competition Commission of India (CCI) approves exchange of equity shareholding by existing shareholders of ReNew Power with shares of ReNew Global, along with a reverse triangular merger of subsidiary of ReNew Global with RMG II.

The proposed combination envisages exchange of equity shareholding by existing shareholders of ReNew Power Private Limited (ReNew Power) with shares of ReNew Energy Global Limited (ReNew Global), along with a reverse triangular merger of wholly owned subsidiary of ReNew Global with RMG Acquisition Corporation II (RMG II).

ReNew Global is a newly incorporated special purpose acquisition company. It was incorporated for the purpose of effecting a merger, stock purchase or a similar business combination, such as the Proposed Combination. RMG II is traded on NASDAQ.

ReNew, along with its subsidiaries and joint ventures is engaged in the business of generating electricity through non-conventional and renewable energy sources.

Detailed order of the CCI will follow.

Exchange of equity shareholding approved involving share swap with ReNew Global and a reverse triangular merger of a subsidiary. CCI approves an exchange of equity shareholding by existing shareholders of ReNew Power for shares in ReNew Energy Global Limited, together with a reverse triangular merger whereby a wholly owned subsidiary of ReNew Global will merge into RMG Acquisition Corporation II; ReNew and its affiliates engage in generation of electricity from renewable energy sources and a detailed CCI order will follow.