NEW DELHI--(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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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: [email protected];
Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847, or
email: [email protected];
and HSBC Securities (USA) Inc., Attention: Prospectus Department, 452
Fifth Avenue, New York, NY 10018, telephone: 1-877-429-7459, or e-mail: [email protected].
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 Power
Investor Contact
Nathan Judge, CFA
Investor
Relations
[email protected]
or
Media
Contact
Samitla Subba
Marketing
[email protected]
+91-11-
4940 9854
Source: Azure Power
