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[SCHEDULE 13D/A] ReNew Energy Global plc SEC Filing

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

Rhea-AI Filing Summary

ReNew Energy Global plc Schedule 13D Amendment reports that the Canada Pension Plan Investment Board (CPPIB) and consortium members submitted a best-and-final, non-binding revised proposal to acquire all outstanding Class A shares not owned by the consortium at $8.15 per share on 10/10/2025. The filing shows CPPIB beneficially owns an aggregate of 88,846,844 Shares, representing 34.6% of the Class A ordinary shares on a fully diluted basis, which includes rights to acquire 12,345,678 Shares via conversion mechanics tied to ReNew India and a Class D share. The Revised Proposal is non-binding and will create no enforceable agreement until definitive transaction documents are executed.

Positive

  • Revised offer of $8.15 per share signals stronger acquisition interest from the consortium
  • Beneficial ownership of 88,846,844 Shares (34.6%) provides the consortium meaningful influence in negotiations
  • Contingent conversion rights for 12,345,678 Shares clarify the consortium's fully diluted voting exposure

Negative

  • The Revised Proposal is explicitly non-binding, so no transaction is guaranteed
  • No definitive agreements or timelines disclosed, leaving outcome and timing uncertain
  • Filing does not state any board acceptance or special committee recommendation, limiting clarity for shareholders

Insights

Consortium raises its buyout price to $8.15 per share as a best-and-final offer.

The increased offer to $8.15 per share signals a stronger near-term acquisition interest by the consortium led by CPPIB and partners. Holding 34.6% of the Class A voting rights gives the consortium meaningful influence over transaction dynamics and the ability to credibly press for a deal.

The proposal is explicitly non-binding, so investors should treat this as an advanced negotiation move rather than a completed transaction; definitive agreements must be signed before any change of control occurs. Watch for a formal agreement or board response in the coming weeks as the key next milestones.

CPPIB’s disclosed voting stakes and conversion rights materially affect shareholder control.

The filing discloses both direct ownership of 76,501,166 Shares and contingent voting rights tied to 12,345,678 Shares via conversion mechanics and a Class D share, yielding a reported 34.6% beneficial ownership on a fully diluted basis. That combination can shape negotiations, proxy contests, or shareholder votes concerning a transaction.

Because the Revised Proposal is non-binding, governance outcomes depend on whether definitive agreements include customary conditions and approvals; monitor any special committee communications, supplemental disclosures, or schedule of voting commitments over the near term.






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).






SCHEDULE 13D




Comment for Type of Reporting Person:
Item 13 is calculated based on 244,405,376 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 March 31, 2025, as reported by the Issuer in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on July 30, 2025. 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. As of March 31, 2025, the Reporting Person is considered to beneficially own an aggregate of 88,846,844 Shares, or 34.6% 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/ Pierre Abinakle
Name/Title:Pierre Abinakle / Managing Director, Head of Compliance
Date:10/10/2025
Comments accompanying signature:
Exhibit 99.15 Power of Attorney of Canada Pension Plan Investment Board

FAQ

What did CPPIB and the consortium offer for ReNew Energy (RNW)?

They submitted a best-and-final non-binding proposal to acquire outstanding Class A shares at $8.15 per share on 10/10/2025.

How many ReNew Energy shares does CPPIB beneficially own?

CPPIB beneficially owns an aggregate of 88,846,844 Shares, which the filing reports as 34.6% of Class A ordinary shares on a fully diluted basis.

What gives CPPIB its fully diluted voting stake?

The stake includes 76,501,166 directly held Shares plus contingent rights to 12,345,678 Shares via conversion mechanics tied to ReNew India and a Class D share.

Is the consortium’s proposal legally binding?

No. The filing states the Revised Proposal is non-binding and no agreement exists until definitive documents are executed.

Will this filing change control of ReNew Energy immediately?

No. The filing discloses influence and an offer but confirms no definitive agreement has been executed to effect a change of control.
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