Adani Green Energy Shelves $600M Bond Amid Bribery Scandal

Adani Green Energy Ltd canceled a $600 million bond issue after US prosecutors charged key figures, including Gautam Adani, with bribery. The firm had attempted the bond sale amidst market volatility caused by previous allegations of stock manipulation by Hindenburg Research.

Adani Green Energy Ltd, part of Gautam Adani's vast conglomerate, abruptly canceled a $600 million bond issue after serious legal allegations emerged. US prosecutors have charged Gautam Adani and his associates with a bribery scheme totaling over $250 million.

The bond issue, which was initially met with strong interest from investors, was withdrawn hours before formal charges were pressed. This marked the second scrapped financial initiative in recent times after a similar offering faced investor resistance just a month prior.

The allegations, which surfaced alongside accusations of stock manipulation earlier in the year, led to significant market recuperations for the conglomerate, though Adani Group has persistently denied any wrongdoing.

(With inputs from agencies.)