CPPIB-backed ReNew Power files for IPO

ReNew Power Ventures Private Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO). Reportedly, the issue size is estimated at Rs 70 billion-Rs 75 billion  and will comprise a fresh issue of shares worth Rs 26 billion along with an offer for sale of 94.37 million shares owned by existing shareholders such as the Global Environment Fund, Green Rock Energy and GS Wyvern Holdings. The equity shares will have a face value of Rs 10 each. The proceeds from the issue will be used to finance the company’s acquisition moves and other strategic initiatives, redemption of debentures issued by the company and its subsidiaries, and for general corporate purposes.