The Adani Group has cancelled its $600 million bond offering after US prosecutors in New York indicted Adani Group Chairman Gautam S Adani, his nephew Sagar Adani and six others on Wednesday for allegedly offering Rs 2,029 crore (US $265 million) in bribes to Indian government officials for securing “lucrative solar energy supply contracts” with state electricity distribution companies.
In a stock exchange filing, Adani group said, “the US Department of Justice and the Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the US District Court for the Eastern District of New York, against our board members, Gautam Adani and Sagar Adani. The US 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.”
