Mon, Feb 27, 2017 | updated 12:51 PM IST

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)

New Delhi [India], Feb 27 (ANI-BusinessWireIndia): India Education Awards, 2017, conceived and initiated by Blindwink.in is aimed at eulogizing and felicitating the achievers and go getters from the Education sector. The sought after awards in the Education sector was organized on 16th Feb, 2017 (Thursday) at Taj hotels in Bangalore.

Full Story >>

Osaka (Tokyo),[Japan] Feb 27 (ANI): Kyocera Corporation has announced that Hideo Tanimoto will be promoted to president, effective April 1, following a unanimous vote of its board of directors held today.

Full Story >>

New Delhi [India], Feb. 26 (ANI): North India Sotheby's International Realty organised its first ever Global Luxury Realty Conclave in association with the Confederation of Indian Industry (CII) yesterday.

Full Story >>

New Delhi [India], Feb 25 (ANI): India Inc's salary hikes in 2017 are projected to be at an eight-year low as per a survey by Aon Hewitt, which noted that the average pay hikes will be 9.5 percent across industries.

Full Story >>

New Delhi [India], Feb 25 (ANI): Talking about the performance of the Bharat Interface for Money (BHIM) app of the government, Niti Aayog CEO Amitabh Kant said that the app has successfully recorded 17 million downloads so far, which is a world record in itself.

Full Story >>

New Delhi [India], Feb. 25 (ANI): Expressing concern over a lukewarm response on allowing small and medium scale shop-keepers to remain open for all seven days, ASSOCHAM persisted to the Centre to persuade states to approve and adopt the Shops and Establishments Bill draft, in order to promote retail trade in the country.

Full Story >>

New Delhi [India], Feb 25 (ANI-NewsVoir): PHD Chamber organized a unique first of its kind PHD Golf Tourism Conclave and Golf Tournament 2017 on February 24-25, 2017 in Pune with a focus on making India a favored Golfing Destination in the world.

Full Story >>

New Delhi [India], Feb. 25 (ANI): A few months ahead of the incorporation of the much-awaited Goods and Services Tax (GST), Chief Economic Advisor Arvind Subramanian revealed that internal trade has drastically improved; this being a boon to the country's progress in the wake of GST.

Full Story >>

New Delhi [India], Feb. 25 (ANI): According to a survey conducted by online citizen-engaging platform LocalCircles, over 90 percent participants have stated that the Maximum Retail Price (MRP) of medical instruments, particularly stents and orthopaedic implants, should be printed on the device itself. Additionally, citizens have demanded that all such medical devices must be brought under Packaged Commodity Rules at the earliest

Full Story >>

New Delhi [India], Feb 24 (ANI): Enforcement Directorate on Friday issued show cause notice dated February 16, 2017 to CC Thampi and his three companies including Holiday City Centre, Holiday Properties, and Holiday Bekal Resorts Pvt. Ltd respectively for contravention of provisions of section 6 (3) (b), 6(3)(e), 6(3)(f), 6(3)(i) read with Section 47(3) and Section 6(6) of Foreign Exchange Management Act,1999 for the aggregate amount of Rs. 288 crore.

Full Story >>

New Delhi [India], Feb 24 (ANI-BusinessWireIndia): As the saying goes, "there are no free lunches in the world" yet here is an organisation that proposes to do just that for you. The story of a social initiative in Odisha that aims to encourage and motivate digital transformation of an entire nation.

Full Story >>

London [United Kingdom], Feb.24 (ANI): The third Indo-UK Thought Leadership Awards took place on February 22. Awards were presented to individuals from India and the UK who have been contributing to strengthening bilateral relations between India and the UK.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Businesses in Mexico, China and India are increasingly turning to technology to power successful growth, reveals new global research by Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth.

Full Story >>

New Delhi [India], Feb 24 (ANI-NewsVoir): MAX the country's largest International fashion brand, recently launched the third edition of MAX Design Awards. After receiving tremendous response from across, over the last two years, MAX is geared up for its third edition to provide a platform for fashion designing students to unleash their creativity and connect with the world of fashion.

Full Story >>

New Delhi [India], Feb 24 (ANI): Despite an increase in the job market in the first half of 2017, finding the right talent will prove difficult for recruiters due to an on-going talent crunch. This sentiment has emerged from Naukri's Hiring Outlook survey 2017 a half yearly survey conducted to gauge the hiring sentiment across companies and industries.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Online fashion portal, Jabong, announced its exclusive partnership with the leading iconic headwear brand New Era, available for men, women and kids.

Full Story >>

New Delhi [India], Feb. 24 (ANI-NewsVoir): Three members from the Internet of Things group at Next Tech Lab, SRM University won the Industrial IoT-AR/VR Make-a-thon organised by the IESA Vision Summit 2017.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Online holiday portal, Travkart.com, announced the hiring of financial advisory firm, Global CFO, which provides virtual CFO and fund-raising services to companies.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Following the successful solar implementation at Cochin International Airport, Ganges Internationale Private Limited (GIPL), a multifaceted technology company, bagged its second project to install 11MW module mounting structures, thus enabling Cochin airport to be the world's first 'Green Airport'.

Full Story >>

New Delhi [India], Feb. 24 (ANI): India-based Software-as-a-Service (SaaS) player, Djubo, launched an app facilitating property management system for hotels, titled Djubo Cloud PMS.

Full Story >>