CCI approves change in voting rights in ReNew Energy Global
New Delhi [India], July 15 (ANI): The Competition Commission of India (CCI) on Friday said it has approved the increase in the proportion of voting rights held by the Canada Pension Plan Investment Board (CPPIB) in Gurugram-based ReNew Energy Global plc (ReNew).
ANI
Jul 15, 2022 23:27 IST
New Delhi [India], July 15 (ANI): The Competition Commission of India (CCI) on Friday said it has approved the increase in the proportion of voting rights held by the Canada Pension Plan Investment Board (CPPIB) in Gurugram-based ReNew Energy Global plc (ReNew).
The proposed combination envisages an increase in the proportion of voting rights held by the Canada Pension Plan Investment Board (CPPIB) in ReNew Energy Global plc as a result of repurchase programme to buyback Class A Ordinary Shares (i.e., shares carrying voting rights) announced by ReNew (Buyback), CCI said in a statement.
As a result of the Buyback, the aggregate number of voting shares of ReNew is expected to decrease, which may lead to a corresponding increase in the proportion of voting rights held by CPPIB.
CPPIB is an investment management organisation. It invests the funds transferred to it by the Canada Pension Plan Fund (CPP Fund) that are not needed by the CPP Fund to pay current benefits on behalf of 21 million contributors and beneficiaries.
ReNew, along with its subsidiaries and joint ventures, is engaged in the business of generating electricity through non-conventional and renewable energy sources. (ANI)
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