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Azure Power can raise up to USD 200m through share offering

Solar

Azure Power can raise up to USD 200m through share offering


October 5 (Solar) – Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) said today it has priced an underwritten public offering of shares through which it can raise up to USD 200 million (EUR 174m).

The company is offering 14.8 million equity shares at a price of USD 12.5 apiece. In addition, it has granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares at the same price, less underwriting discounts and commissions.

CDPQ Infrastructure Asia Pte Ltd, IFC GIF Investment Company I and International Finance Corporation (IFC), each of which is already an investor in the solar power company, have indicated they plan to buy equity shares worth up to USD 100 million, USD 40 million and USD 10 million, respectively. The transaction is seen to close on October 10.

Credit Suisse Securities (USA) LLC, Barclays Capital Inc and HSBC Securities (USA) Inc are acting as joint lead book-running managers.

(USD 1.0 = EUR 0.870)


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