ReNew Power Private Limited announced that it has entered into a subscription agreement for a private placement to issue 85,500,000 common shares at a price of $10 per share for gross proceeds of $855,000,000 on February 24, 2021. The transaction included participation from marquee institutional investors including new investors funds and accounts managed by BlackRock, Inc., Parvest SICAV - Energy Innovators, a fund managed by BNPP Asset Management Luxembourg, TT International Funds plc - TT Environmental Solutions Fund, a fund managed by TT International Investment Management LLP, Zimmer Partners, LP, Sylebra Capital Management, and individual investor, Chamath Palihapitiya. The company will issue 19.6% stake at a post-money equity valuation of $4,370,000,000.

The transaction has been approved by the board of directors of company. The completion of the transaction is subject to customary closing conditions, including approval from the Competition Commission of India and of the stockholders of RMG II, and the transaction is expected to close in the second quarter of 2021. The shares will be issued in reliance upon the exemption provided under Section 4(a)(2) of the Securities Act and/or Regulation D.