Azure Power to raise $75 million in private placement

Indian independent solar power producer Azure Power Ltd has entered into a subscription agreement to raise $75 million through a private placement of about 6.5 million equity shares at $11.55 per share to Caisse de depot et placement du Quebec (CDPQ). The closing of the private placement is conditional on the company receiving the necessary shareholder approvals for the issuance of equity shares comprising more than 10 percent of the company's share capital. Following completion of the private placement, which is expected to occur by December 17, 2019, CDPQ's equity interest in Azure Power will increase from 41.4 percent to 49.4 percent.

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