22 October 2016 Current Affairs: Azure Power Global Limited announced the pricing of its initial public offering of 3,409,091 equity shares at the New York Stock Exchange (NYSE), thereby becoming the first Indian solar company to be listed on NYSE.
The IPO offering includes 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 $18.00 per equity share.
Azure Power will also receive gross proceeds of $75 million from the sale of equity shares in connection with a concurrent private placement transaction at a price per share equal to $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 $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.