The company had on November 28 initiated a consent solicitation process to buy back bonds with a total value of $60 million issued by two special-purpose vehicles: Azure Power Solar Energy Pvt Ltd and Azure Power Energy Ltd, as reported by ET. The proposal looked to amend certain terms for the 2024 and 2026 notes. Azure Power Solar Energy, which had issued $350 million of 5.65% senior notes due in December 2024, had offered to repurchase $40 million of the paper by March 2024.
The company had on November 28 initiated a consent solicitation process to buy back bonds with a total value of $60 million issued by two special purpose vehicles: Azure Power Solar Energy and Azure Power Energy, as reported by ET.
The move to buy back shares is seen as an attempt by the company to boost investors confidence, which suffered a setback after its shares were delisted in July by the New York Stock Exchange due to its failure to disclose FY22 annual audited results within the mandated deadline. It eventually published its results on October 12, 2023.
IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached consent solicitation statement , whether received by e-mail or otherwise.