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ARTICLE · 01 OCTOBER 2021

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SPACs In India – Are We There Yet?

Luthra and Luthra Law Offices India
Luthra and Luthra Law Offices India
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Luthra and Luthra Law Offices India

Luthra and Luthra Law Offices India

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Special purpose acquisition companies ("SPACs") as a concept have been around for many years but this year marks a special milestone with global SPAC IPO proceeds breaching the USD 100 bn mark.

IndiaCorporate/Commercial Law
Vipin Sharma
Vipin Sharma
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Special purpose acquisition companies ("SPACs") as a concept have been around for many years but this year marks a special milestone with global SPAC IPO proceeds breaching the USD 100 bn mark. SPACs are blank cheque companies that raise money in an IPO and go on to acquire an unspecified business through a business combination. Once this business combination is achieved (referred to as de-SPAC transaction), the listed entity functions as a regular listed company.

Last month, India's largest renewable energy company – Renew Power started trading on NASDAQ through a SPAC listing. The deal generated quite a buzz for myriad reasons – the valuation outlined the considerable distress in the sector as also making it a fairly liquid investment through NASDAQ's wider investor base.

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