Azure Power Global Limited’s $249 Million Rights Offering

Appleby Mauritius advised Azure Power Global Ltd on Mauritius law aspects of the transaction alongside Dentons US LLP. which advised on New York and U.S. federal law and Shardul Amarchand Mangaldas & Co which advised on Indian law.

Azure Power Global Limited (NYSE: AZRE) completed its previously announced rights offering of its Equity Shares to raise proceeds of up to USD249,938,599. 

Pursuant to the Rights Offering, each shareholder was entitled to receive one non-transferable subscription right (the Right). Each Right entitled the holder to purchase 0.3275 Equity Shares, at the subscription price of $15.79 per whole Equity Share. The Rights Offering was backstopped by the two major shareholders of Azure Power Global Limited which agreed to exercise all of their respective basic rights and to purchase any Equity Shares that remain unsubscribed as a result of any unexercised Rights in the Rights Offering. 

Azure Power Global Limited will use the proceeds received from the exercise of Rights to fund its future projects, to potentially purchase renewable assets, to pay off certain borrowings and for general corporate purposes.

HSBC Securities (USA) Inc and Roth Capital Partners, LLC acted as dealer managers to the Rights Offering.

Azure Power is a leading independent sustainable energy solutions provider in India. 

The Appleby team consisted of Managing Partner, Malcolm Moller (Picture) and Senior Associate, Muhammad Aadil Koomar.

 

 

 

Involved fees earner: Muhammad Aadil Koomar – Appleby; Malcolm Moller – Appleby;

Law Firms: Appleby;

Clients: Azure Power Global Limited;

Sonia Carcano

Author: Sonia Carcano