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Azure Power delisted from NYSE, plans to join OTCQX market

Azure Power delisted from NYSE, plans to join OTCQX market
© Reuters.

Azure Power Global (OTC:) Limited, a pioneer in India’s renewable power sector known for developing the country’s first utility scale solar project in 2009, has been officially delisted from the New York Stock Exchange (NYSE). The NYSE Committee upheld the decision to remove Azure Power’s equity shares from its listings despite contestations from the company’s legal advisors on October 16, 2023.

The NYSE Staff’s Final Delisting Decision was followed by a Form 25 filed with the U.S. Securities and Exchange Commission (SEC) on October 31, 2023, marking Azure Power’s official exit from the NYSE. The decision for delisting was due to delayed filings of Form 20-F and Form 6-K under Section 802.01E of the NYSE Listed Company Manual.

After being removed from the listings on November 13, 2023, Azure Power will continue its SEC reporting obligations under the U.S. Securities Exchange Act of 1934. The company’s shares are now traded exclusively to broker-dealers on the Over-the-Counter (OTC) “expert” market.

In an effort to maintain its presence in the American market, Azure Power aims to list on the OTCQX market once all delayed SEC filings are updated. The OTCQX market offers public quotations and retail trading, providing a potential platform for Azure Power to continue its operations in spite of its recent delisting from the NYSE.

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