EBENE, Mauritius, Jan. 27, 2022 /PRNewswire/ -- Azure Power Global
Limited (the "Company") announced today the final results of its
previously announced rights offering. By the end of the
subscription period on January 24,
5:00pm EST, 78.4% of the rights had
been exercised, and, accordingly, 12,404,282 newly issued equity
shares of the Company were subscribed. The remaining 3,424,635
unsubscribed shares will be purchased at the rights offering
subscription price by CDPQ Infrastructures Asia Pte Ltd. ("CDPQ")
and OMERS Infrastructure Asia Holdings Pte. Ltd. ("OMERS") under
the Backstop Commitment Agreement with the Company (the "Backstop
Agreement"). Under the Backstop Agreement, CDPQ will purchase
2,054,781 of the unsubscribed equity shares and OMERS will purchase
1,369,854 of the unsubscribed equity shares. After taking into
account the equity shares subscribed under the rights offering and
purchased pursuant to the Backstop Agreement, the Company will have
raised gross proceeds of $249,938,599.
Investors (other than the backstop shareholders) who have
participated in the rights offering should expect to see the shares
of common stock issued to them in book-entry or, uncertificated,
form on or about January 28, 2022.
Any excess subscription payments received by Computershare Trust
Company, N.A. (the "subscription agent") will be returned by the
subscription agent to investors, without interest or deduction,
through the same method by which they participated in the rights
offering.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent sustainable
energy solutions provider 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 renewable
projects since its inception. With its in-house 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
renewable 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. 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.
Investor Contact
ir@azurepower.com
Media Contact
pr@azurepower.com
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