New Delhi. US prosecutors have charged Gautam Adani and others in the solar energy contract bribery case. After that, Adani Group presented its stand before the stock markets. Adani Green Energy Limited, the renewable energy arm of billionaire Gautam Adani’s group, told the stock market on Thursday that it has canceled a bond worth $ 600 million. This step was taken after the company’s top management was accused in an alleged bribery case in America.
Hours before US prosecutors charged Gautam Adani and his associates with taking part in a scheme to pay bribes of more than US$250 million to Indian officials in exchange for favorable terms for solar energy contracts, the firm said the US investment- A 20-year green bond was sold in the grade market. The issue received three times more applications, but has been canceled following the allegations.
The United States Department of Justice and the United States Securities and Exchange Commission issued a criminal indictment in the United States District Court for the Eastern District of New York against our board members Gautam Adani and Sagar Adani, respectively, the group said. And a civil complaint has been filed.
Adani Green Energy said in the information given to the stock exchange, the US Justice Department has also included our board member Vineet Jain in such criminal prosecution. In view of these developments, our subsidiaries have decided not to proceed with the proposed US dollar denominated bond offering for the time being.
The company had tried to sell a similar offering a month earlier, but the deal was shelved after some investors objected to the pricing. Last year, the company, which deals in businesses ranging from ports to energy, had canceled the Rs 20,000 crore follow-on public offer (FPO) of its flagship company Adani Enterprises Ltd following serious allegations by American short-seller Hindenburg Research.
That issue was also fully subscribed, but the company had decided to close it and return the money to all the investors. In January 2023, Hindenburg had openly alleged manipulation of shares and accounting fraud, which led to a decline of USD 150 billion in the group’s market value. Adani Group had also denied all the allegations made by Hindenburg Resurge.
Source : palpalindia
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