Adani Group canceled plans to issue dollar bonds, was preparing to raise $600 million

Adani Group Update: Subsidiary companies of Adani Group have canceled the proposed plan to issue US dollar bonds worth $600 million. Adani Green Energy has given this information in its regulatory filing with the stock exchanges. The company said that the United States Department of Justice and the United States Securities and Exchange Commission have framed charges against the company’s board members Gautam Adani and Sagar Adani and keeping these things in mind, the company has decided not to issue US dollar bonds. Have done.

Adani Group postpones plan to issue dollar bonds

In a regulatory filing filed with the stock exchange, Adani Green Energy Limited said in its update, the United States Department of Justice and the United States Securities and Exchange Commission have issued orders to the US Securities and Exchange Commission. The Eastern District of New York has issued a civil complaint against our board members Gautam Adani and Sagar Adani, issuing criminal charges. The company said that the US Justice Department has also leveled criminal charges against board member Vineet Jain.

Adani Green Energy Limited said, after these facts came to light, our subsidiary has decided that the proposed US Dollar Denominated Bond Offerings will no longer be issued.

Gautam Adani’s troubles increased!

In fact, seven people, including Gautam Adani, chairman of the Adani Group and the world’s 18th richest industrialist according to the Bloomberg Billionaires Index, have been charged in a US court with bribery of $ 265 million (about Rs 2250 crore) to get solar projects in India. And allegations of fraud have been made. Prosecutors have alleged that Gautam Adani and others lied while trying to raise money from American investors.

Outcry in Adani shares

Due to these allegations leveled against seven people associated with the company including Gautam Adani, there has been a sharp fall of up to 20 percent in the shares of all the 10 Adani companies listed on the stock exchange, including Adani Green Energy. The share of Adani Green Energy is falling by 18 percent, while Adani Enterprises is seeing a decline of 21 percent, Adani Ports is seeing a decline of 20 percent and Adani Energy Solutions is also seeing a decline of 20 percent.

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Adani Group Stocks: There was an outcry in the shares of Adani Group, stocks fell by 20 percent.