Mumbai: Updating Power, the largest Indian renewable energy company, on Tuesday is registered in the Nasdaq in the US through the company route Special Objectives (SPAC) and achieving market capitalization nearly $ 4.5 billion (around Rs 33,500 Crore).
This is the largest list of Indian entities through spac, vehicles where Indian companies can include in the US.
At present, Indian companies cannot directly register on foreign exchanges.
On Tuesday, renewing energy, the parent company is domiciled to extend strength, start trading at Exchange US under the ‘RNW’ ticker symbol.
In the initial trade, the stock was quoted $ 8.6.
Since now, a current rule, an Indian company cannot register on foreign exchange, the extension energy that is domiciled in the UK has been compiled as a parent company for repairing power, companies domiciled in India that have all renewable energy assets in this country.
Although this is a rotating route to register in the US, it is allowed in the current law.
In run-up to the list, renewing energy joining RMG II, SPAC previously raised money from rich investors throughout the world.
As with the structure of spaces in the US, while collecting money, RMG II does not have a specific target company to obtain or invest money in.
However, after raising funds, he identified extending power as a target company where it wanted to invest the money raised.
Some trader bankers also said that the list of the old Spac Power Power was founded in the US was the largest for any Asian company, but this could not be independently verified.
According to the improvement of the Sumant Sinha power chairman, around $ 700 million gross results from listings will increase to the company.
This fund will be used to regulate new power production facilities.
At present, the company has an operating capacity of around 5,600 megawatts (MW) and another 4,300MW in the pipe.
It also has an 18,500MW operating capacity target in 2025, Sinha told Tii.
The company has also established a large battery facility in Karnataka to store the power it produced, Sinha said.
Storage facilities are needed because the production of renewable energy is largely intermittent and may not always be possible to grid energy to absorb it like and when produced.