Latest news with #ForeignCorruptPracticesAct
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Business Standard
2 days ago
- Business
- Business Standard
Adani Enterprises plans to sell 2-5 year debt at public bond sale next week
For investors opting for quarterly payouts, the coupon will be 8.85 per cent on three-year and 9.00 per cent on five-year notes, they added Reuters MUMBAI Indian billionaire Gautam Adani's flagship firm plans to raise up to 10 billion rupees ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday. Adani Enterprises will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added. The company will pay an annual coupon of 8.95 per cent on its two-year bonds, 9.15 per cent on three-year bonds and 9.30 per cent on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said. For investors opting for quarterly payouts, the coupon will be 8.85 per cent on three-year and 9.00 per cent on five-year notes, they added. Adani Enterprises did not reply to a Reuters request for comment. This marks Adani Enterprises' second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25 per cent, 9.65 per cent, and 9.90 per cent respectively, indicating a 30-60 basis point drop in rates across tenors this time. The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said. Last month, the company raised $750 million from a group of international banks. In November, US authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with US fundraising. Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the US Foreign Corrupt Practices Act. Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (Sebi) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
2 days ago
- Business
- Mint
Adani Enterprises to sell 2-5 year debt at public bond sale next week: Report
Indian billionaire Gautam Adani's flagship firm plans to raise up to 10 billion rupees ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday. Adani Enterprises will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added. The company will pay an annual coupon of 8.95% on its two-year bonds, 9.15% on three-year bonds and 9.30% on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said. For investors opting for quarterly payouts, the coupon will be 8.85% on three-year and 9.00% on five-year notes, they added. Adani Enterprises did not reply to a Reuters request for comment. This marks Adani Enterprises' second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25%, 9.65%, and 9.90% respectively, indicating a 30–60 basis point drop in rates across tenors this time. The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said. Last month, the company raised $750 million from a group of international banks. In November, U.S. authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with U.S. fundraising. Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the U.S. Foreign Corrupt Practices Act. Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing.
Economic Times
2 days ago
- Business
- Economic Times
Adani Enterprises to sell bonds with 2-5 year maturity, aims to raise Rs 1,000 crore: Report
Billionaire Gautam Adani's flagship firm plans to raise up to Rs 1,000 crore ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday. ADVERTISEMENT Adani Enterprises will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added. The company will pay an annual coupon of 8.95% on its two-year bonds, 9.15% on three-year bonds and 9.30% on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said. For investors opting for quarterly payouts, the coupon will be 8.85% on three-year and 9.00% on five-year notes, they added. Adani Enterprises did not reply to a Reuters request for comment. This marks Adani Enterprises' second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25%, 9.65%, and 9.90% respectively, indicating a 30-60 basis point drop in rates across tenors this time. ADVERTISEMENT The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said. Last month, the company raised $750 million from a group of international banks. In November, U.S. authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with U.S. fundraising. ADVERTISEMENT Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the U.S. Foreign Corrupt Practices Act. Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing. ADVERTISEMENT ($1 = 85.6375 Indian rupees) (You can now subscribe to our ETMarkets WhatsApp channel)
The Wire
5 days ago
- Business
- The Wire
Indian Govt Is Yet to Serve Summons to Adanis, Says US SEC
New Delhi: The US Securities and Exchange Commission informed a New York federal court on June 27 that the Indian government has yet to forward the serving of summons to tycoon Gautam and Sagar Adani, nearly six months after being first contacted to do so under an international convention. In a letter dated June 27, the SEC submitted its third status report of the year, following earlier updates in February and April. The agency noted that it had previously sought the assistance of India's Ministry of Law and Justice under Article 5(a) of the Hague convention to serve the summons and complaint on the Adanis in India. It also said it had sent notices of the lawsuit and waiver requests directly to the Adani counsels. However, there has been no confirmation yet that the Indian authorities have delivered the documents. 'Since the April Status Update, the SEC has corresponded with the India MoLJ concerning the efforts of the relevant Indian judicial authorities to serve the Summons and Complaint on Defendants, but the SEC understands that those authorities have not yet effected service,' the SEC wrote in the status report filed to the Eastern District of New York. In its previous update submitted in April, the SEC had said that the Indian Ministry of Law and Justice had acknowledged receipt of the commission's request and had forwarded it to the relevant judicial authorities. The legal proceedings stem from criminal and civil action launched in November last year. The US Department of Justice had then accused Gautam Adani, his nephew Sagar Adani, former Adani Green Energy CEO Vneet Jaain, two former executives of Indian renewables firm Azure Power, and three former officials of the Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) of funnelling over $250 million in bribes to Indian government officials between 2020 and 2024 to secure solar energy contracts. In a parallel civil action, the SEC filed a suit against the Adanis for allegedly violating various anti-fraud provisions of US federal securities laws. Cyril Cabanes, CDPQ's former Asia-Pacific infrastructure head and a former board member of Azure Power, was also named by the SEC for violating the Foreign Corrupt Practices Act (FCPA). Two days after the two indictments were unsealed, the federal court in New York issued summons for the two Adanis in the SEC case on November 22. Two days after the criminal and civil cases were unsealed, the New York federal court issued summons for the two Adanis on November 22. But service of those summons remains pending. Following Donald Trump's return to office, he issued an executive order to suspend enforcement of the FCPA, prompting speculation that this might lead to a settlement between the Adanis and US authorities. While informal discussions may be underway, there has been no public indication of progress so far. The charges faced by the Adanis in the SEC are not related to FCPA, but for wire and securities fraud.
Business Upturn
6 days ago
- Business
- Business Upturn
Adani Power shares rise nearly 4% today; Gautam Adani outlines $15-20 billion annual investment plan
By Aditya Bhagchandani Published on June 27, 2025, 10:05 IST Shares of Adani Power surged nearly 4% during Friday's session. This follows Chairman Gautam Adani's announcement of an aggressive investment roadmap for the group. The stock jumped 3.47% to trade at Rs 598.20 as of 10:02 AM, up Rs 20.05 from the previous close of Rs 578.15. Speaking at the group's annual general meeting, Gautam Adani stated that the Adani Group plans to invest $15–20 billion annually across its businesses over the next five years. The group is targeting 100 gigawatt of electricity generation capacity by 2030, with significant investments flowing into renewable energy, data centers, ports, airports, and urban infrastructure projects like the Dharavi redevelopment. Despite facing US regulatory scrutiny earlier this year, Adani emphasized that no one from the group has been charged under the US Foreign Corrupt Practices Act. He highlighted the group's strong balance sheet and operational resilience, mentioning consolidated revenues of Rs 2,71,664 crore and an EBITDA of Rs 89,806 crore for the last fiscal year. During Friday's trade, Adani Power touched an intraday high of Rs 603.30 and a low of Rs 574.20. The company's current market capitalization stands at Rs 2.30 lakh crore, with a P/E ratio of 17.81. Average daily trading volume is around 4.91 million shares. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
