Azure Power targets USD 250m in proceeds from rights offering

Azure Power Solar PV Plant (Photo: Business Wire)

December 27 (Renewables Now) - The board of directors of Azure Power Global Ltd (NYSE:AZRE) has approved a rights offering through which the Indian renewable power producer could raise up to USD 249.9 million (EUR 220.7m).

Pursuant to the rights offering, each shareholder will get one non-transferable subscription right for every equity share held on the record date of January 6, 2022. Each right will entitle the holder to buy 0.3275 equity shares at the subscription price of USD 15.79 per whole equity share.

Azure Power’s two largest shareholders – CDPQ Infrastructures Asia Pte Ltd with a 50.2% stake and OMERS Infrastructure Asia Holdings Pte Ltd with an equity interest of 19.3% – have both agreed to fully exercise all their basic subscription rights in this transaction.

The rights offering will expire on January 24, 2022, unless extended.

(USD 1.0 = EUR 0.883)

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