Adani Green suspends US dollar denominated bond sale

22 Nov 2024 , 01:15 PM

Adani Green Energy Ltd. announced on Thursday that it will suspend plans to raise $600 Million in US dollar-denominated bonds. The bond had been priced, but it was pulled after US prosecutors charged Gautam Adani with a $250 Million bribery conspiracy.

In light of these developments, our subsidiaries have currently decided not to proceed with the proposed USD denominated bond offerings, the business said in a filing.

US prosecutors in New York have charged Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and other executives for allegedly offering $265 Million in bribery to Indian government officials in exchange for “lucrative solar energy supply contracts” with state electricity distribution businesses.

A US District Court’s order read that Senior executives of an Indian renewable-energy company, which was a portfolio company of an Indian conglomerate, an issuer company that operated in the renewable-energy sector whose securities were traded on the US exchange, and that issuer’s largest shareholder, a Canadian institutional investor, participated in a scheme to bribe Indian government officials to ensure the execution of lucrative solar energy supply contracts with Indians.

The charges also include attempting to impede justice by removing electronic evidence and deceiving the Justice Department, Securities and Exchange Commission (SEC), and FBI. In addition to criminal accusations, the SEC has filed a civil complaint.

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