Azure Power Announces Repricing Stock Options
November 30 2018 - 4:30PM
Business Wire
Azure Power (NYSE: AZRE), one of India’s leading independent
solar power producers, announced that effective November 29, 2018
(the “Grant Date”), its compensation committee changed the exercise
price of stock options (the “Repriced Options”) for 692,507 equity
shares, par value US$0.000625 each, of the Company, which were
previously awarded to certain officers, employees and directors
under the Company’s 2016 Equity Incentive Plan, as amended in 2017
(the “Plan”). The new exercise price is US$11.90 per equity share,
which is higher than the last reported sale price on the Grant Date
of the equity shares on the NYSE of US$ 9.51 per equity share. All
other terms and conditions of the Eligible Options, including the
vesting schedule, remains the same. The decision to reprice the
Eligible Options is intended to create better incentives for
officers, employees and directors.
About Azure Power Global Limited
Azure Power is a leading independent solar power producer in
India. Azure Power developed India’s first private utility scale
solar project in 2009 and has been at the forefront in the sector
as a developer, constructor and operator of utility scale,
micro-grid and rooftop solar projects since its inception in 2008.
With its inhouse engineering, procurement and construction
expertise and advanced in-house operations and maintenance
capability, Azure Power manages the entire development and
operation process, providing low-cost solar power solutions to
customers throughout India.
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, including statements regarding the Company’s future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. 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 U.S. Securities and Exchange Commission,
or SEC, from time to time. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181130005472/en/
Investor ContactNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure Power
Media ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing, Azure Power
Azure Power Global (NYSE:AZRE)
Historical Stock Chart
From Jul 2024 to Aug 2024
Azure Power Global (NYSE:AZRE)
Historical Stock Chart
From Aug 2023 to Aug 2024