Azure Power becomes 1st Indian solar company to trade on NYSE

Posted on:22 Oct 2016 09:30:57
Azure Power becomes 1st Indian solar company to trade on NYSE
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. 

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs December 2017

16 DECEMBER
NEWS
15 DECEMBER
NEWS
14 DECEMBER
NEWS
13 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS