Azure Power Announces Pricing of Public Offering of 14,800,000 Equity Shares
October 05 2018 - 7:00AM
Business Wire
Azure Power Global Limited (“Azure Power” or the “Company”)
(NYSE: AZRE) announced today that it has priced its underwritten
public offering of 14,800,000 equity shares (the “Offering”) at a
public offering price of $12.50 per equity share. As part of this
Offering, the Company has granted the underwriters a 30-day option
to purchase up to an additional 1,200,000 equity shares at the
public offering price, less underwriting discounts and
commissions.
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Azure Power | New York Stock Exchange
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The Company’s shareholders, CDPQ Infrastructure Asia Pte Ltd.,
IFC GIF Investment Company I and International Finance Corporation,
have each indicated its intention to purchase up to approximately
$100 million, $40 million, and $10 million, respectively, of the
equity shares in the Offering at the public offering price.
Indications of interest are not binding agreements or commitments
to purchase; therefore, CDPQ Infrastructure Asia Pte Ltd., IFC GIF
Investment Company I and International Finance Corporation may each
determine to purchase a smaller amount or not to purchase any
equity shares in the Offering.
The Offering is expected to close on October 10, 2018, subject
to customary closing conditions.
Azure Power’s equity shares are listed on the New York Stock
Exchange under the symbol “AZRE.” Credit Suisse Securities (USA)
LLC, Barclays Capital Inc. and HSBC Securities (USA) Inc. are
acting as joint lead book-running managers. SG Americas Securities,
LLC is acting as a book runner. JMP Securities LLC, Roth Capital
Partners and Janney Montgomery Scott, LLC are acting as co-managers
for the Offering.
A registration statement on Form F-3 was previously filed with
the U.S. Securities and Exchange Commission (“SEC”) and has been
declared effective. A prospectus supplement and the accompanying
base prospectus describing the terms of the Offering have been
filed with the SEC. When available, the final prospectus supplement
for the Offering will be filed with the SEC. The Offering is being
made only by means of the prospectus supplement and the
accompanying base prospectus. Before you invest, you should read
the prospectus supplement and the accompanying base prospectus and
other documents that the Company has filed with the SEC for more
complete information about the Company and the Offering. You may
obtain these documents free of charge by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, a copy of the prospectus
supplement and the accompanying base prospectus may be obtained
from Credit Suisse Securities (USA) LLC, Attention: Credit Suisse
Prospectus Department, One Madison Avenue, New York, NY 10010,
telephone: 1-800-221-1037, or e-mail:
newyork.prospectus@credit-suisse.com; Barclays Capital Inc.,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, telephone: 1-888-603-5847, or email:
Barclaysprospectus@broadridge.com; and HSBC Securities (USA) Inc.,
Attention: Prospectus Department, 452 Fifth Avenue, New York, NY
10018, telephone: 1-877-429-7459, or e-mail:
ny.equity.syndicate@us.hsbc.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction. This press release contains information about the
pending Offering of the Company’s equity shares, and there can be
no assurance that the Offering will be completed.
About Azure Power Azure
Power (NYSE: AZRE) is an independent solar power producer with a
pan-Indian portfolio. With its in-house engineering, procurement
and construction expertise and advanced in-house operations and
maintenance capability, Azure Power provides low-cost and reliable
solar power solutions to customers throughout India. It has
developed, constructed and operated solar projects of varying
sizes, from utility scale to rooftop, since its inception in
2008.
Forward Looking
Statements This press release contains
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. The risks and
uncertainties that could cause the Company’s results to differ
materially from those expressed or implied by such forward-looking
statements include: the availability of additional financing on
acceptable terms; changes in the commercial and retail prices of
traditional utility generated electricity; changes in tariffs at
which long term PPAs are entered into; changes in policies and
regulations including net metering and interconnection limits or
caps; the availability of rebates, tax credits and other
incentives; the availability of solar panels and other raw
materials; its limited operating history, particularly as a new
public company; its ability to attract and retain its relationships
with third parties, including its solar partners; its ability to
meet the covenants in its debt facilities; meteorological
conditions and such other risks identified in the registration
statements and reports that the Company has filed with the SEC from
time to time. All forward-looking statements in this press release
are based on information available to the Company as of the date
hereof, and the Company assumes no obligation to update these
forward-looking statements.
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Azure PowerInvestor ContactNathan Judge,
CFAInvestor Relationsir@azurepower.comorMedia ContactSamitla
SubbaMarketingpr@azurepower.com+91-11- 4940 9854
Azure Power Global (NYSE:AZRE)
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