Azure Power Announces Final Results of Rights Offering
Azure Power Global Limited announced the results of its rights offering, revealing that 78.4% of the offered rights were exercised by January 24, resulting in 12,404,282 new equity shares subscribed.
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Rhea-AI Summary
Azure Power Global Limited announced the results of its rights offering, revealing that 78.4% of the offered rights were exercised by January 24, resulting in 12,404,282 new equity shares subscribed. The remaining 3,424,635 shares will be acquired by CDPQ Infrastructures Asia and OMERS Infrastructure under a Backstop Commitment Agreement. Overall, the offering raised gross proceeds of $249,938,599. Shareholders participating in the offering will see their shares issued on or about January 28, 2022.
Positive
- 78.4% of offered rights successfully exercised, indicating strong investor interest.
- Raised a total of $249,938,599 in gross proceeds, enhancing financial strength.
Negative
- 3,424,635 shares went unsubscribed, indicating potential investor uncertainty.
Details
News Market Reaction – AZRE
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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,
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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SOURCE Azure Power
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