Azure Prices its Public Offering of 1.48 Cr Equity Shares at $12.50 Per 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.

Azure Power Global (Azure Power) has priced its underwritten public offering of 14,800,000 equity shares (offering) at a public offering price of USD 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.

The company’s shareholders, CDPQ Infrastructure Asia, IFC GIF Investment Company I and International Finance Corporation, have each indicated its intention to purchase up to approximately USD 100 million, USD 40 million, and USD 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, 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.

However, the offering is expected to close on October 10, 2018, subject to customary closing conditions.

The company’s equity shares are listed on the New York Stock Exchange under the symbol “AZRE.” Credit Suisse Securities (USA), Barclays Capital and HSBC Securities (USA) are acting as joint lead book-running managers. SG Americas Securities is acting as a book runner. JMP Securities, Roth Capital Partners and Janney Montgomery Scott 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.