Adani Green Energy Limited is an Indian renewable energy firm based in Ahmedabad, India. It is predominantly owned by the Adani Group, an Indian conglomerate, while TotalEnergies possesses a minority share. The company is responsible for the Kamuthi Solar Power Project, which is recognised as one of the largest solar photovoltaic facilities globally.
Adani Green Energy Ltd. is contemplating the possibility of reviving its discontinued dollar bond between April and June, as stated by Group Chief Financial Officer Jugeshinder Singh on Friday. This indicates the group’s resilience despite the ongoing US investigation into founder Gautam Adani.
“Once we achieve clarity, we will proceed with the dollar bond sale,” Singh remarked during his initial media engagement since the US indictment was made public last week, which caused turmoil in Adani stocks, and led to Adani Green cancelling its $600 million dollar bond, and prompted an inquiry from India’s market regulator.
Singh told reporters on the sidelines of a Mumbai event that the renewables firm plans to raise up to $500 million by February through banks or a private placement in the offshore market.
“No acquisitions that were previously planned will be delayed, and there will be no reduction in capital spending,” he stated. Last week, US federal prosecutors claimed that Adani, the second-wealthiest individual in Asia, and his associates were involved in a conspiracy to offer over $250 million in bribes to Indian government officials in exchange for solar energy contracts.
This development resulted in a $34 billion loss in market value for Adani’s companies, led to them being placed under rating scrutiny, and compelled partners such as TotalEnergies SE to halt new investments.
The Adani Group, on the other hand, has been actively attempting to change the narrative this week. On Monday, it released a credit report to instil confidence in investors and creditors regarding the strong financial stability of its businesses.
Adani Green Energy Ltd. stock is currently trading at ₹1,326.45 per peer share, but it increased by 9% intraday and reached a high of ₹1,447.70.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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