Adani Green Energy said that following the criminal indictment of its board members by the US DOJ and US SEC, its subsidiaries have deferred the proposal for issue of USD denominated bonds.
Following this announcement, the stock tumbled 17.61% to currently trade at Rs 1163.20 on the BSE.
In a regulatory filing made post market opening today, the Adani Group company stated that the United States Department of Justice (US DOJ) and the United States Securities and Exchange Commission (US SEC) have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against the companys board members, Gautam Adani and Sagar Adani.
The United States Department of Justice have also included Adani Greens 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.
Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
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The company's consolidated net profit declined 25.81% to Rs 276 crore despite a 37.55% increase in net sales to Rs 3,033 crore in Q2 FY25 as compared with Q2 FY24.
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