Azure Power to Raise US$75 Million in Private Placement

/ -- Azure Power Global Limited (NYSE: AZRE), a leading independent solar power developer in India, has entered into a subscription agreement to raise US$75 million through a private placement of 6,493,506 equity shares at US$11.55 per share to Caisse de depot et placement du Quebec (CDPQ). The closing of the private placement is conditional on the Company receiving the necessary shareholder approvals for the issuance of equity shares comprising more than 10% of the Company's share capital and the non-application of Section 55 of the Mauritius Companies Act to this issuance. A special meeting of shareholders will be held on December 6, 2019 to obtain these shareholder approvals, and the record date for this special shareholders' meeting is November 18, 2019. Following completion of the private placement, which is expected to occur by December 17, 2019, CDPQ's equity interest in Azure Power will increase from 41.4% to 49.4%.

Speaking on this occasion, Mr. Ranjit Gupta, Chief Executive Officer, Azure Power said, "We believe the proposed additional investment by CDPQ illustrates our largest shareholder's commitment to our platform. With this capital raise, our current committed projects will be fully equity funded. The Indian solar market offers significant growth opportunity and with our differentiated integrated platform and strong access to capital, we look forward to delivering accretive growth going forward."
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