Azure Power's Rights Issue open for subscription

Rhea-AI Summary

Azure Power Global Limited (NYSE: AZRE) has launched a rights offering aiming to raise up to $249,938,599. Each shareholder will receive one non-transferable subscription right for each equity share held as of January 6, 2022. The offering will remain open until January 24, 2022, unless extended. This rights issue aims to enhance the company’s financial resources and sustain its growth in the renewable energy sector in India.

Positive

• Rights offering seeks to raise up to $249,938,599.
• Each shareholder gets one subscription right per equity share held.
• Offering duration provides a window until January 24, 2022.

Negative

• None.

EBENE, Mauritius, Jan. 7, 2022 /PRNewswire/ -- Azure Power Global Limited (NYSE: AZRE), a leading independent sustainable energy solutions provider in India, announced today that its rights offering opened today for subscription to raise proceeds of up to $249,938,599. Pursuant to the rights offering, each shareholder of the Company will receive one non-transferable subscription right (a "Right") for each equity share, par value $0.000625 per share (an "Equity Share") held as of 5:00 p.m., Eastern Time, on January 6, 2022 (the "Record Date"). The rights offering will remain open until 5:00 pm Eastern Time on January 24, 2022, unless extended by the Company. The rights offering will be made only by means of a prospectus, and this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Company's securities.

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 lowcost renewable power solutions to customers throughout India.

Investor Contact
ir@azurepower.com

Media Contact:
pr@azurepower.com

View original content:https://www.prnewswire.com/news-releases/azure-powers-rights-issue-open-for-subscription-301456273.html

SOURCE Azure Power

FAQ

What is the purpose of Azure Power's rights offering?

The rights offering aims to raise up to $249,938,599 to enhance the company's financial resources.

When did the rights offering for AZRE open?

The rights offering opened on January 7, 2022.

What is the timeline for Azure Power's rights offering?

The offering will remain open until January 24, 2022.

How does the rights offering for AZRE benefit shareholders?

Shareholders will receive one non-transferable subscription right for each equity share held, allowing them the opportunity to participate in the capital raise.