Renew Power to raise $300 million via rights issue

ReNew Power Limited is raising an additional $300 million via a rights issue from its existing investors, namely, Goldman Sachs, Inc., the Canada Pension Plan Investment Board and ADIA. The proceeds from the issue could be used for a combination of purposes which include financing business growth and repaying existing debt taken for inorganic growth plans executed earlier. The rights issue follows earlier plans of a bond issuance, which has temporarily been put on hold due to tepid investor appetite globally for risk assets.