(Bloomberg) — Adani Green Energy Ltd will consider reviving its scrapped dollar bond between April and June, Group Chief Financial Officer Jugeshinder Singh said on Friday, in a show of corporate resilience despite a US investigation into founder Gautam Adani.
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“Once we get clarity, we will revive the dollar bond sale,” Singh said in his first press conference since the US indictment began last week, rocking Adani’s shares, forcing Adani Green to cancel its $600 million bond. question from India’s market regulator.
The redevelopment company plans to raise up to $500 million in February in the region, Singh told reporters on the sidelines of an event in Mumbai. The domestic fund raising for Adani Green can be through banks or private placement of bonds.
Other Adani Group firms may also raise funds through public bond sales in India in the next 12 months, Singh said.
The portal-to-power conglomerate with $3 billion in cash payments coming up next year has been flaunting its huge cash pile — $6.3 billion — to take care of all the needs.
‘No Roll Back’
“No planned acquisitions will be suspended and no refunds will be made,” he said.
US prosecutors alleged last week that Adani, the second-richest person in Asia, and his associates participated in the scheme by promising to pay more than 250 million in bribes to Indian government officials for solar power contracts that were secretly seeking funding from the US. traders.
This shaved 34 billion dollars from the market value of Adani’s firms, putting them on the valuation watch and forcing partners such as TotalEnergies SE to halt new funding.
The Adani Group, however, has been aggressively seeking to correct the list this week. It released a credit report on Monday to reassure investors and creditors of Adani’s businesses strong financial health. Adani Green filed a lawsuit on Wednesday accusing Adani and his nephew, Sagar Adani, of violating the US Foreign Corrupt Practices Act and explained that they were charged with fraud and wire fraud.
Reiterating that no company of the Adani Group is involved in the US investigation, Singh said that these people – the founders of Adani and others – who have been accused, will respond to the US justice department in the next 10 days.
–With help from Saikat Das.