NEW DELHI--(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 Contact
Nathan Judge, CFA
[email protected]
Investor
Relations, Azure Power
Media Contact
Samitla Subba
[email protected]
+91-11-
4940 9854
Marketing, Azure Power
Source: Azure Power Global Ltd
