CDPQ to raise Azure Power stake to 49.4%

Azure Power Global Limited has entered into a subscription agreement to raise US$75 million through a private placement of 6,493,506 equity shares at US$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% of the Company's share capital and the non-application of Section 55 of the Mauritius Companies Act to the issuance.

A special meeting of shareholders will be held on December 6, 2019 to obtain the shareholder approvals, and the record date for the special shareholders' meeting is November 18, 2019.

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% to 49.4%.