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ReNew Energy Global (RNW) gets $6.75 per share take-private proposal

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Canada Pension Plan Investment Board filed an amended Schedule 13D for ReNew Energy Global plc, disclosing beneficial ownership of 88,846,844 Class A ordinary shares, representing 34.4% of voting rights. Together with founder Sumant Sinha, the group may be deemed to hold 147,843,549 shares, or about 46.61% of voting rights on a fully diluted basis.

The filing reveals a revised, non-binding proposal from CPPIB and Sinha to acquire all ReNew shares they do not already own via a UK scheme of arrangement at $6.75 per share. Non‑consortium holders could choose a cash payment or elect to roll over and retain shares, subject to regulatory and compliance limits and customary approvals.

Positive

  • Strategic take-private proposal at $6.75 per share: A consortium led by Canada Pension Plan Investment Board and founder Sumant Sinha has submitted a non-binding proposal to acquire all outstanding ReNew shares they do not own at $6.75 per share via a UK scheme of arrangement.
  • Option for cash or continued ownership: Non‑consortium shareholders could either receive $6.75 in cash per share or elect to roll over and retain their shares in ReNew, providing flexibility in how they participate in any potential transaction.

Negative

  • None.

Insights

Large shareholders propose a conditional take-private at $6.75 per share.

The filing shows Canada Pension Plan Investment Board owning 88,846,844 ReNew shares, or 34.4% of voting rights. Alongside founder Sumant Sinha, they may be deemed to control about 46.61% on a fully diluted basis, giving significant influence over strategic outcomes.

The consortium submitted a non-binding proposal to acquire all remaining shares at $6.75 per share through a UK scheme of arrangement. Shareholders could take cash or elect a rollover to stay invested, with rollover amounts constrained by regulatory and compliance considerations.

Completion would depend on regulatory clearances and approvals required under the UK Companies Act 2006, plus definitive agreements. Until then, this represents an indicative potential change-of-control transaction rather than a finalized deal, and future company disclosures would clarify progress once binding terms are agreed.

Offer price per share $6.75 per share Proposed transaction price in non-binding proposal
CPPIB beneficial ownership 88,846,844 shares Class A ordinary shares with 34.4% voting rights
CPPIB voting stake 34.4% Voting rights associated with ReNew Class A shares
Founder beneficial ownership 58,996,705 shares Shares beneficially owned by Sumant Sinha per his filing
Consortium combined shares 147,843,549 shares Shares CPPIB and founder may be deemed to beneficially own
Consortium fully diluted stake 46.61% Percentage of outstanding shares on fully diluted basis
Base shares outstanding 245,833,850 shares Class A shares outstanding as of October 2, 2025
India Shares exchange to CPPIB 12,345,678 shares Shares assumable on exchange of ReNew India shares to CPPIB
non-binding proposal financial
"On May 28, 2026, the Reporting Person and Sumant Sinha jointly submitted a non-binding proposal"
A non-binding proposal is an offer or plan presented by one party that outlines terms they would like to pursue but does not create a legally enforceable obligation. Think of it like a detailed handshake or a draft invitation to negotiate: it signals intent and frames possible outcomes, but either side can walk away or change terms without legal penalty. Investors watch these because they can move a stock’s price by suggesting a possible deal, yet they carry higher uncertainty than formal agreements.
scheme of arrangement regulatory
"The Proposed Transaction will be structured as a UK scheme of arrangement"
A scheme of arrangement is a legal agreement between a company and its shareholders or creditors to reorganize or settle debts, often to avoid bankruptcy or make big changes. It’s like a carefully planned handshake that everyone agrees to, helping the company stay afloat or improve its financial health.
Cash Offer financial
"receive $6.75 in cash for each Share it holds (the "Cash Offer")"
A cash offer is a proposal to buy a company’s shares or assets using cash rather than stock or other securities. For investors it matters because cash provides immediate, guaranteed value like getting paid in cash at a fixed price instead of receiving a piece of another company; that reduces uncertainty about future share swings, tax timing, and the risk of deal-related payment changes.
Rollover financial
"or (ii) elect to retain its Shares (the "Rollover") and remain a shareholder"
beneficially own financial
"the Reporting Person and the Founder may be deemed to beneficially own approximately 46.61% of the outstanding Shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Schedule 13D regulatory
"Neither the filing of this nor any of its contents shall be deemed to constitute an admission"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.





G7500M104

(CUSIP Number)
Patrice Walch-Watson
Canada Pension Plan Investment Board, One Queen Street East, Suite 2500
Toronto, A6, M5C 2W5
416-868-4075

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
05/28/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D




Comment for Type of Reporting Person:
Item 13 is calculated based on (i) 245,833,850 Class A ordinary shares (excluding treasury shares), nominal value of $0.0001 (the "Shares"), of ReNew Energy Global plc, a public limited company incorporated in England and Wales (the "Issuer"), outstanding as of October 2, 2025, as reported by the Issuer in its Form 6-K filed with the U.S. Securities and Exchange Commission (the "SEC") on October 28, 2025 plus (ii) an additional 12,345,678 Shares assuming conversion of the India Shares (as defined below). With respect to items 7, 9, 11 and 13, the Reporting Person currently holds 76,501,166 Shares of the Issuer. In addition, the Business Combination Agreement grants the Reporting Person the right to, at its discretion, transfer the ordinary shares of Renew Power Private Limited, a company with limited liability incorporated under the laws of India and subsidiary of the Issuer ("ReNew India"), held by the Reporting Person (the "India Shares") to the Issuer in exchange for an aggregate of 12,345,678 Shares. The Reporting Person also holds one Class D ordinary share of the Issuer, nominal value of $0.0001 (the "Class D Share"). The Class D Share effectively gives the Reporting Person the right to exercise its voting rights as if the Reporting Person had already converted the India Shares into Shares. The Reporting Person is considered to beneficially own an aggregate of 88,846,844 Shares, or 34.4% of the voting rights associated with the outstanding Shares (including 12,345,678 voting rights exercisable by the Reporting Person by virtue of the Class D Share held by the Reporting Person).


SCHEDULE 13D


Canada Pension Plan Investment Board
Signature:/s/ Howard Rusak
Name/Title:Managing Director, Legal
Date:05/28/2026
Comments accompanying signature:
Exhibit 99.22 Power of Attorney of Canada Pension Plan Investment Board, dated February 9, 2026

FAQ

What ownership stake in ReNew Energy Global plc (RNW) does Canada Pension Plan Investment Board report?

Canada Pension Plan Investment Board reports beneficial ownership of 88,846,844 Class A shares of ReNew Energy Global plc. This represents 34.4% of the voting rights associated with the outstanding Class A ordinary shares, based on the share counts detailed in the filing.

What is the price per share in the new take-private proposal for ReNew Energy Global (RNW)?

The consortium’s revised non-binding proposal values ReNew shares at $6.75 per share. The offer is made through a proposed UK scheme of arrangement and would apply to all ReNew shares not currently owned by the consortium members.

Who is in the consortium proposing to acquire ReNew Energy Global (RNW)?

The consortium comprises Canada Pension Plan Investment Board and ReNew founder Sumant Sinha. Together, they may be deemed to beneficially own 147,843,549 shares of ReNew on a fully diluted basis, according to the Schedule 13D/A amendment.

What choices would ReNew Energy Global (RNW) shareholders have under the proposed transaction?

Under the proposed UK scheme of arrangement, non‑consortium shareholders may either receive $6.75 in cash per share or elect to retain their shares. Share rollover elections are subject to cutbacks driven by regulatory and compliance considerations described in the proposal.

Is the $6.75 per share offer for ReNew Energy Global (RNW) binding at this stage?

No. The filing describes the consortium’s proposal as non-binding. No agreement will exist until definitive transaction documents are executed, and completion would also require regulatory approvals and approvals under the UK Companies Act 2006 for the proposed scheme.

What combined voting interest could the CPPIB and founder group hold in ReNew Energy Global (RNW)?

Based on the share counts and option and exchange assumptions in the filing, Canada Pension Plan Investment Board and founder Sumant Sinha together may be deemed to beneficially own approximately 46.61% of ReNew’s outstanding shares on a fully diluted basis.