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Gautam Adani and several officials face charges in a US indictment for a multi-billion-dollar bribery scheme involving securities and wire fraud. The allegations include making false statements to secure funds from US investors and global financial institutions. Following the indictment, Adani Green announced it would not proceed with its planned Dollar bond offerings.
European stocks are poised for a slight increase amid mixed market sentiment, following Nvidia's disappointing earnings forecast that impacted Asian semiconductor stocks. Meanwhile, shares of India's Adani Group plummeted after its chairman faced federal bribery charges, with significant losses across its companies. Concerns over stretched market valuations and inflation persist, as Federal Reserve officials express caution regarding economic stability.
Adani Group stocks faced significant declines following allegations that Gautam Adani was involved in a $250 million bribery scheme. Bernstein India's head of research, Venugopal Garre, dismissed the market's reaction as short-term, suggesting that such incidents are common in the infrastructure sector and that the market will likely recover quickly. Adani Enterprises shares dropped 10%, while Adani Green Energy and Adani Energy Solutions fell 17% and 20%, respectively.
Shares of Adani Group plummeted after chairman Gautam Adani was indicted in a New York federal court for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts. Adani Enterprises fell 10%, while Adani Green Energy dropped 17.28%. The indictment also implicated two executives from Adani Green Energy and several former employees of Azure Power Global, amid ongoing scrutiny following previous allegations of accounting fraud by Hindenburg Research.
Gautam Adani, founder of the Adani Group, has been charged by US prosecutors for allegedly participating in a $250 million bribery scheme aimed at securing solar energy contracts from Indian government officials. Following the charges, dollar-denominated notes issued by the Adani Group plummeted, with some falling as much as 10 cents on the dollar. This decline marks a significant drop, particularly for Adani Electricity Mumbai notes, which fell by 8.6 cents, echoing the turmoil triggered by a previous short-seller report in 2023.
Indian billionaire Gautam Adani has been indicted in New York for allegedly orchestrating a bribery scheme involving Indian officials to secure solar power contracts worth billions. Alongside seven executives, including his nephew, he faces charges of securities fraud and conspiracy, which could exacerbate the ongoing public relations crisis for Adani Group following previous allegations of accounting fraud. The SEC claims that the defendants misled US investors about their anti-bribery compliance while raising significant capital during the scheme.
Billionaire Gautam Adani’s conglomerate has launched a dollar bond sale after postponing a previous offering due to investor concerns over pricing. Adani Green Energy Ltd. is marketing a 20-year $600 million note at a yield of approximately 7.75%, up from an initial guidance of around 7% prior to the delay.
High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNWIs) in India are diversifying their investments across various asset classes, focusing on equities, real estate, and alternative investments. Key sectors attracting attention include technology, pharmaceuticals, consumer goods, green energy, and financials, driven by urbanization and demand for quality properties. These investors are increasingly sophisticated, seeking high-return and impact-driven opportunities through personalized wealth management solutions.
ACME Solar Holdings has set a price band of Rs 275-289 per share for its IPO, which opens for subscription on November 6 and closes on November 8. The offering includes a fresh issue of Rs 2,395 crore and an offer-for-sale of Rs 505 crore, with shares expected to list on November 13. The company, a major player in India's renewable energy sector, aims for a market capitalization of approximately Rs 17,487 crore at the upper price band.
Adani Green Energy is considering a private placement to finance part of its long-term debt after successfully raising $409 million through a dollar bond offering in March 2024, marking its return to the dollar bond market since the Hindenburg incident in January 2023. Despite significant interest from Asian and European investors, the company postponed its $1.2 billion bond offering, originally intended to refinance loans for solar and wind projects, awaiting the outcome of the November 5 US presidential election. A return to the bond market is anticipated in December.
Adani Green Energy Limited
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gautam adani faces bribery charges in multi billion dollar scheme
07:23 21.11.2024
european markets expected to open higher amid inflation concerns and earnings reports
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07:06 21.11.2024
Adani stocks tumble amid bribery allegations but analysts see short-term impact
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05:42 21.11.2024
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04:56 21.11.2024
adani group bonds plunge after founder charged in bribery scheme
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02:35 21.11.2024
gautam adani indicted for bribery in solar power contracts scheme
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22:39 20.11.2024
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investment trends among high net worth individuals in india
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05:30 09.11.2024
ACME Solar Holdings announces IPO price band and key dates
02:09 31.10.2024
Adani Green plans private placement after successful dollar bond offering
09:51 24.10.2024
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