ReNew to announce merger with RMG Acquisition at $3.7-bn pre-money valuation
While pre money valuation is the equity value before the new round of financing, the post money valuation includes the fresh round of capital injection. Photo: iStock
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Goldman Sachs backed ReNew Power Ventures Pvt. Ltd is set to shortly announce its merger with RMG Acquisition owned by Nasdaq-listed SPAC Riverside Capital Management at a pre money valuation of $3.7 billion, said two people aware of the development.
The merger will be followed by a private investment in public equity (PIPE) deal, wherein existing shareholders may offer their shares for sale. Also, new shares may be issued, resulting in new money of around $1.2 billion.