Adani Green Not To Proceed With USD-Denominated Bond Offerings

Adani Green has decided not to proceed with fundraising through USD-denominated bonds. The move follows Adani Green's arm raising a $600 million bond issue, which was subscribed three times, just hours before the US Department of Justice and US SEC filed alleged charges against Adani Green, its subsidiaries, and the company's board of directors.

The press release by the US Department of Justice, while outlining the allegations that include corruption and bribery, highlights that the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.

"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... In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings," read a statement released by the conglomerate.

In Thursday trade, Adani Group stocks took a hit in reaction to the statements from the US Department of Justice and the US SEC.