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.