Adani Green Scraps $600-Mn Bond Sale

New Delhi: Adani Green Energy Ltd, the renewable energy arm of billionaire Gautam Adani’s conglomerate, on Thursday scrapped a $600 million bond issue after its promoter was charged in an alleged bribery case in the US.

Hours before the US prosecutors charged Gautam Adani and associates with participating in a scheme to pay over $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, the firm sold a 20-year green bond in the US-investment-grade market. The issue was over-subscribed three times. But following the allegations, the issue was scrapped.