Cleary Gottlieb represented Azure Power Global Ltd. (Azure Power) in its SEC-registered follow-on equity offering.
The transaction consisted of a global offering of 14.8 million shares at a public offering price of $12.50 per share. Azure Power’s principal shareholders, CDPQ Infrastructure Asia, IFC GIF, and International Finance Corp., purchased approximately $100 million, $40 million, and $10 million, respectively, of the shares. Credit Suisse, Barclays, and HSBC acted as joint lead bookrunning managers and underwriters for the offering. The other underwriters were SG Americas Securities, JMP Securities, Roth Capital Partners, and Janney Montgomery Scott.
The shares were offered and sold pursuant to a shelf registration statement on Form F-3. The transaction priced on October 5, 2018, and closed on October 10, 2018. As part of the offering, Azure Power granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares. The company’s shares are listed on the New York Stock Exchange.
Azure Power is an independent solar power producer with a pan-Indian portfolio. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power provides low-cost and reliable solar-power solutions to customers throughout India. It has developed, constructed, and operated solar projects of varying sizes, from utility scale to rooftop, since its inception in 2008.