CPP Investment Board is acquiring a 14-15% stake in Sumant Sinha-led ReNew Power Ventures for $350 million (Rs 2,250 crore), industry sources said, making the Canadian pension fund manager the third largest stakeholder in the company where Goldman Sachs holds the majority share.
CPPIB is acquiring the stake in two transactions, it said in a filing. It has made a primary investment of about $200 million through compulsorily convertible preference shares.
These will be converted into equity whenever ReNew goes for an initial public offering.
The amount of stake involved in this deal will depend on the valuation of the IPO. Read More…
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