Adani Green Energy Pulls $600 Million Bond Amid Bribery Allegations

Adani Green Energy, part of Gautam Adani's empire, halted a $600 million bond issue following charges of bribery against its promoters in the U.S. Despite high interest, legal complications led to the decision. The company has faced similar setbacks, including a previously scrapped public offer after fraud allegations.

Adani Green Energy Ltd, the renewable arm of billionaire Gautam Adani's business empire, has withdrawn its $600 million bond issue. This decision follows accusations from U.S. prosecutors against the Adani family, alleging involvement in a $250 million bribery scheme for favorable solar energy contracts.

The green bond was initially well-received in the U.S. market, being oversubscribed three times. However, after criminal charges and a civil complaint were filed by U.S. authorities against Adani Board members, the bond issuance was canceled.

This setback is not new for the Adani conglomerate, which also withdrew a Rs 20,000 crore public offering last year after facing accusations of stock manipulation. Despite denying these allegations, the group experienced significant losses in market value.