Appleby Mauritius advises Azure Power Global Limited for the Rights Offering of its Equity Shares of up to USD249,938,599
Appleby Mauritius advised Azure Power Global Limited, a public company incorporated under the laws of Mauritius and listed on the New York Stock Exchange, for the rights offering of its Equity Shares to raise proceeds of up to USD249,938,599 (the Rights Offering). 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.
The Appleby team comprised of Managing Partner, Malcolm Moller and Senior Associate, Muhammad Aadil Koomar.
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.
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 holds the whole structure of the Azure Group including the Issuer. The Azure Group developed India’s first private utility scale solar project in 2009 and has been at the forefront of developments in the sector as a developer, constructor and operator of utility scale, micro-grid and rooftop solar projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, the Azure Group manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India.
