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Azure Power Global announces pricing of its Initial Public Offering

Updated: Oct 13, 2016 11:38 IST

New Delhi [India], Oct 13 (ANI-BusinessWireIndia): Azure Power Global Limited ("Azure Power") today announced the pricing of its initial public offering of 3,409,091 equity shares, including 2,242,424 equity shares to be sold by Azure Power and 1,166,667 shares to be sold by certain selling shareholders, at a price to the public of USD 18.00 per equity share.

Azure Power has granted the underwriters a 30-day option to purchase up to an additional 511,364 equity shares at the initial public offering price, less underwriting discounts and commissions. The equity shares are expected to begin trading on the New York Stock Exchange on October 12, 2016 under the symbol AZRE.

Azure Power will also receive gross proceeds of USD 75 million from the sale of equity shares in connection with a concurrent private placement transaction at a price per share equal to USD 18.00 per equity share.

The gross proceeds to Azure Power and the selling shareholders from the initial public offering and the concurrent private placement are expected to be approximately USD 136.4 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Azure Power intends to use its net proceeds 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 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.

The offering of these securities will be made only by means of a prospectus. When available, copies of the final prospectus may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717,

barclaysprospectus@broadridge.com, 888-603-5847; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, 800-221-1037, newyork.prospectus@credit-suisse.com; or Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660, Attn: Equity Capital Markets, 800-678-9147 or rothecm@roth.com.

A registration statement, including a prospectus, relating to these securities has been filed with, and declared effective by, the US Securities and Exchange Commission.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. (ANI-BusinessWireIndia)

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