New Delhi (PTI): Adani Green Energy Ltd, the renewable energy arm of billionaire Gautam Adani's conglomerate, on Thursday scrapped a USD 600 million bond issue after its promoter was charged in an alleged bribery case in the US.

Hours before the US prosecutors charged Gautam Adani and associates with participating in a scheme to pay over USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, the firm sold a 20-year green bond in the US-investment-grade market.

The issue was over-subscribed three times. But following the allegations, the issue was scrapped.

"The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani.

"The United States Department of Justice has also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings," Adani Green Energy said in a stock exchange filing.

The firm had tried to sell a similar offering a month ago but postponed the deal after some investors pushed back on pricing.

Last year, the ports-to-energy conglomerate had crapped a Rs 20,000 crore Follow-on Public Offer (FPO) at its flagship firm, Adani Enterprises Ltd following damning allegations by US short-seller Hindenburg Research.

That issue too was fully subscribed but the company decided to call it off and refund all investors.

Hindenburg had alleged "brazen stock manipulation and accounting fraud" in January 2023 that led to the conglomerate seeing USD 150 billion wipeout in market value at its lowest point. Adani Group had denied all allegations made by Hindenburg.

 

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Bengaluru, Mar 14 (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Friday said the government was planning to hike the water tariff by one paise per litre, claiming that water rates in Bengaluru have not been revised since 2014.

In view of the losses, the Bangalore Water Supply and Sewerage Board (BWSSB) has proposed a hike of seven to eight paise per litre, he said.

"But I have told them that 7-8 paise is too much. The government is contemplating a one-paise hike per litre. We will discuss the matter with city MLAs before making a decision," said Shivakumar, who also holds the Bengaluru Development portfolio.

The minister was responding to Congress MLC Ramoji Gowda, who urged the government to expedite the supply of Cauvery water to households given the approaching summer.

"We had a difficult year last year. As many as 7,000 borewells dried up, forcing the government to take over private water tankers. We have executed the Cauvery 5th Stage project, which is providing water to 110 villages," he said.

March 22 is Water Conservation Day, and the government has decided to observe a month-long campaign to create awareness about water conservation, he added, in a statement issued by his office.

Shivakumar alleged that builders had constructed large apartment complexes but had not paid deposits to the BWSSB.

"They have taken connections illegally. We have issued notices to them," he said.

He also warned that the government would take over water tankers this summer as well.

"The water tanker business has become a mafia. We have also decided to fill all the lakes with treated water to help recharge groundwater. The Cauvery 6th Stage plan is also ready," he said.

Noting that many people were using drinking water to wash livestock and water gardens, the minister added, "Many of them are covering bare ground with concrete, which affects water absorption. We will take action on these issues. The water conservation month will help create awareness about all these concerns."

Responding to BJP MLC Keshava Prasad, who raised concerns about compensation for those displaced by the Alamatti Dam and objections raised by Maharashtra, the Deputy Chief Minister said, "I believe an all-party delegation must go to Delhi and urge the Centre to issue a Gazette notification on the third stage of the Upper Krishna project."

When MLC Nagaraj Yadav drew attention to delays in waste disposal, Shivakumar said, "Solid waste management has become a mafia. A tender was called in the past, but vendors collectively moved the court, halting all work."

He added, "The court has yet to deliver a judgment. Some MLAs are blackmailing us over garbage dumping pits—I don’t want to name them. They are demanding Rs 800 crore for their constituencies. Garbage trucks have been parked in Mahadevapura constituency for several days now, and it has become a major issue."

"We are planning to visit Indore to study their waste management model. We haven’t called for a tender, yet the Opposition is claiming I have made Rs 15,000 crore," Shivakumar stated.

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