Indian renewable energy company ReNew Power announced that the company has secured 2,050 crore rupees (about $300 million) via a rights issue.
Goldman Sachs, Abu Dhabi Investment Authority and Canada Pension Plan Investment Board have subscribed to the issue, with each of the shareholders investing $100 million.
More so, the rights issue involved ReNew Power issuing compulsorily convertible preference shares to each of the investors which will be converted into equity at a subsequent stage.
ReNew Power is planning to use the money raised from the rights issue primarily as capital expenditure for its existing pipeline of projects.