Adani Green Energy shares: Adani group stock in focus today; here's why

Shares of Adani Green Energy Ltd would be in focus after the Adani group Chief Financial Officer Jugeshinder Singh said his group would consider reviving its scrapped dollar bond between April and June next year. This would be contingent on clarity from ongoing investigations. Other group firms may also explore public bond sales within the year, he said.

The comments came in the wake of allegations by US authorities including defrauding US investors, which led Adani Green Energy to withdraw its $600 million bond offering, the group to incur $34 billion market value loss.

“Once we find clarity, we’ll revive the dollar bond sale,” Bloomberg reported Singh as saying in his first media interaction since the US indictment became public last week.

Shares of Adani Green Energy soared 20.64 per cent last week but are down 17.88 per cent for the past one-month period. On Monday, the stock rose 7.96 per cent to hit a high of Rs 1,430 on BSE.

As per Bloomberg, the renewables firm is, meanwhile, planning to raise up to $500 million by February 2025 via banks or a private placement in the offshore market. The Adani group has no plans to put on hold any planned acquisition and reportedly said there will not be any rollback of capital expenditure.

“The banking and US markets can shut down tomorrow. We don’t care. Whatever happens, we will continue. We will make investments from the money we earn ourselves,” Singh said.

The Adani group holds $6.3 billion in cash and expects to generate $7 billion more in the next year, offsetting $3 billion in repayments. With a $10 billion surplus projected, the group is unfazed. Singh said.

“Fundamentally, our banking partners and investors understand we don’t need their money, which is why it remains available to us,” he noted.

Adani Green Energy recently clarified that said only Azure & CDPQ officials were charged with bribery in the US DoJ indictment and that there were no bribery charges against the Adani group executives. The indictment also does not specify any quantum of any fine or penalty, it suggested.

"Media articles which state that certain of our directors—namely Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain—have been charged with violation(s) of the FCPA are incorrect,” the statement read.

“They have not been named in any counts related to bribery, corruption, or conspiracy to obstruct justice,” the statemet added.