Azure Offers 14,800,000 Equity Shares on New York Stock Exchange at $12.50
Azure began trading on NYSE back in 2016
Azure Power Global has offered another 14,800,000 equity shares on the New York Stock exchange. Per the company, it has priced its underwritten public offering of 14,800,000 equity shares at a public offering price of $12.50 (~₹926.07) per equity share.
The offering is expected to close on October 10, 2018, subject to customary closing conditions.
As part of this offering, the firm has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 equity shares at the public offering price, after deducting underwriting discounts and commissions.
The company’s current shareholders, CDPQ Infrastructure Asia Pte Ltd., IFC GIF Investment Company I and International Finance Corporation, have each indicated their intention to purchase up to approximately $100 million (~₹7.3 billion), $40 million (~₹2.95 billion), and $10 million (~₹73 million) of the equity shares in the offering at the public offering price.
As of October 5, 2018, Azure Power Global was trading on the NYSE at a price of $12.28 (~₹909.77) per share.
Azure Power Global started trading on the NYSE in October 2016. On the first day of trading, Azure Power Global’s shares had opened at $16.12 (~₹1,194.26)/share.
Per Mercom’s India Solar Project Tracker, Azure Power has around 1 GW of large-scale solar photovoltaic (PV) projects in-operation and ~1.9 GW of solar projects are under the development pipeline.
Recently, the company announced its consolidated results for the first quarter ending June 30, 2018. Total revenue in the first quarter of FY19 was ₹2,422.5 million (~$35.4 million), which was up 29 percent from ₹1,877.9 million (~$27.36 million) during the same period in 2017. The increase in revenue was primarily driven by the commissioning of new projects, according to the company.
Previously, Mercom also reported that Azure’s total revenue during fiscal year 2018 was ₹7,700.6 million ($118.3 million), up 84 percent from ₹4,183.0 million (~$61.5 million) during the same period in 2017.
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Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.