Mumbai, Nov 21: Indian billionaire Gautam Adani's Adani Green Energy Ltd, on thursday scrapped a USD 600 million bond issue after its promoter was entangled in an alleged bribery case in the US yesterday.
Hours before the US prosecutors charged Gautam Adani and associates with participating in a scheme to pay over USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, the firm sold a 20-year green bond in the US-investment-grade market.
Following the allegations, raised by the US government the issue was finally scrapped though it was superscribed thrice earlier.
"The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani.
"The United States Department of Justice has also included our Board member, Vneet Jain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings," Adani Green Energy said in a stock exchange filing.
The firm had tried to sell a similar offering a month ago but postponed the deal after some investors pushed back on pricing.
