Azure Power Announces Exercise of Option to Purchase Additional Shares
November 07 2018 - 6:00AM
Business Wire
Azure Power (NYSE: AZRE), one of India’s leading independent
solar power producers, announced that the underwriters of its
previously announced follow-on public offering of equity shares
have exercised their option to purchase 115,542 additional equity
shares. The option was granted in connection with the follow-on
public offering of 14,800,000 equity shares at a public offering
price of $12.50 per share. The exercise of the option brings the
expected total net proceeds from the follow-on public offering to
approximately $184.3 million after underwriting discounts and
commissions but before offering expenses.
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. The final prospectus supplement for the
Offering has been 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 a leading independent solar power
producer with a pan-Indian portfolio of over 3 gigawatts. 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,
rooftop to mini & micro grids, since its inception in 2008.
Highlights include the construction of India’s first private
utility scale solar PV power plant in 2009 and the implementation
of the first MW scale rooftop project under the smart city
initiative in 2013.
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. In the press release, megawatts
portfolio represents the aggregate megawatt capacity of solar power
plants pursuant to PPAs, signed or allotted or where the Company
has been cleared as one of the winning bidders or won reverse
auction, but yet to receive letter of allotment. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and the Company
assumes no obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20181107005213/en/
Investor ContactNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure PowerorMedia
ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing, Azure Power
Azure Power Global (NYSE:AZRE)
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