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Azure Power Announced Final Results of Rights Offering

Urja Daily by Urja Daily
January 28, 2022
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EBENE, Mauritius — Azure Power Global Limited 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.

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