Sumant Sinha, founder of Goldman Sachs-backed green energy producer ReNew Power Ventures Pvt. Ltd, has raised around $100 million in structured credit from Piramal Capital’s structured financing group (SFG) to raise his stake in the company ahead of a proposed initial public offering (IPO), two people aware of the development said.
The fund raising was necessitated by Sinha’s low stake in the company, which could force private equity investors to lock in part of their shareholding as a promoter stake in ReNew’s proposed IPO.
Under the Securities and Exchange Board of India’s (Sebi) issue of capital and disclosure requirements (ICDR) norms, at least 20% of the post-issue capital of the promoters has to be locked in mandatorily for three years. Read More…
Credit By : livemint
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