US Court Order: Adani Green Energy Limited Withdraws USD-denominated bond offerings - Full statement

Shortly after a US Court in New York issued a criminal indictment against Adani Group board members, the company withdrew the ongoing proceedings of the proposed USD-denominated bond offerings. In a brief statement on the bourses, Adani Green Energy Limited said that ‘in light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings’.

Here's the full statement issued by Adani Green Energy Limited - Full Text

“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 have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.”

Gautam Adani charged in US with bribery, fraud - Reports

Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world's richest people, has been indicted in New York over his role in an alleged $265 million bribery scheme, according to U.S. prosecutors.

Authorities told news agency Reuters that Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project. A judge has reportedly issued arrest warrants for Gautam Adani and Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show.

Adani Green Energy (ADNA.NS) cancelled plans on Thursday to raise $600 million in U.S. dollar-denominated bonds. The bond had been priced but was pulled following the news. Adani Green Energy did not immediately respond to a request for comment on the shelved transaction.

(With inputs from Reuters)