News for Azure Power Global Limited (AZRE)

Fitch downgraded Azure Power Energys outlook to "negative" amid ongoing bribery investigations and governance issues, citing heightened refinancing risks and delayed financial disclosures.

Fitch Ratings revised Azure Power Energy's bond outlook to negative due to bribery investigation, citing refinancing risk concerns.

U.S. authorities have alleged that Gautam Adani and his nephew, Sagar Adani, misled U.S. investors by falsely claiming no bribes had been paid.

A key question that emerges out of the 52-page indictment order against eight individuals including the Adanis, is who are the two unnamed “co-conspirators”, whose role is vividly described in the document. Their identities as per a footnote in the court papers, are known only to the Grand Jury, and have never once been disclosed in the 5-count indictment.

The bribery case and Gautam Adani’s US indictment were the latest in a string of problems faced by the conglomerate since the release of the Hindenburg report. Take a look at how things unfolded.

Gautam Adani Bribery case: U.S. DoJ indicts Adani and associates for bribery, securities fraud, and wire fraud, impacting Adani Group’s market value.

Azure Power has announced plans to prepay green bonds worth USD 310 million, maturing in December 2024. These bonds are linked to seven utility projects across various Indian states. The refinancing, valued at approximately Rs 24 billion, is underwritten by REC Limited and highlights Azure Power's commitment to sustainable growth in India's renewable energy sector.

Gurugram-headquartered Serentica had earlier raised $650 million from private equity firm KKR

The company has called a special meeting of shareholders on 20 March at its Gurugram office, according to a 9 February statement

The company had on November 28 initiated a consent solicitation process to buy back bonds with a total value of $60 million issued by two special-purpose vehicles: Azure Power Solar Energy Pvt Ltd and Azure Power Energy Ltd, as reported by ET. The proposal looked to amend certain terms for the 2024 and 2026 notes. Azure Power Solar Energy, which had issued $350 million of 5.65% senior notes due in December 2024, had offered to repurchase $40 million of the paper by March 2024.

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