Azure Power Global Limited announces IPO

Azure Power 40 MW PV plant at Kathauti Village, Rajasthan
Azure Power 40 MW PV plant at Kathauti Village, Rajasthan

Azure Power Global Limited (New Delhi, India), an independent power producer in the Indian solar sector, on September 22nd, 2016 announced the launch of its initial public offering (IPO) of 6,818,182 equity shares, including 5,863,637 equity shares to be sold by Azure Power and 954,545 shares to be sold by certain selling shareholders.

Azure Power has applied to list its equity shares on the New York Stock Exchange under the symbol “AZRE”.

Azure Power intends to use the net proceeds from the offering primarily to fund the purchase by Azure Power of equity shares of its subsidiary, Azure Power India Private Limited (AZI), and to fund future operating expenses of Azure Power.

Net proceeds to be received by AZI as a result of such purchase are intended to be used for growth capital requirements, new solar project development and other general corporate purposes.

Barclays and Credit Suisse are acting as joint book-running managers of the offering. Roth Capital Partners is acting as a co-manager of the offering.

 

2016-09-22 | Courtesy: Azure Power | solarserver.com © Heindl Server GmbH

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