According to a report by Reuters, market regulator Sebi accuss Adani Group's leading director, Pranav Adani of violating insider trading regulations by sharing unpublished price-sensitive information ahead of the major acquisition.
According to a Reuters report, Sebi sent a notice to Pranav Adani last year, claiming that she revealed details of Adani Green Energy's acquisition of SB energy holdings in 2021 to her brother-in-law Kunar Shah before the contract was made public.
The SEBI report alleged that Adani violated insider trading rules and “conveyed unpublished price-sensitive information related to SB energy acquisition.” The document further alleged that Kunal Shah and his brother Nrupal Shah had traded shares in Adani Green based on this information and earned “unfair profits” of £9 million ($108,000), a Reuters report added.
In response to Reuters, Gautam Adani's nephew Pranav Adani has been pursuing a settlement that “is not violating securities laws” and “ends the matter without entering or denial of the claim.”
With the issue's acquisition finalized in October 2021, Adani Green Energy Ltd has purchased SB Energy India, a joint venture between Japan's SoftBank Group and Bharti Enterprises, for a corporate value of $3.5 billion. The acquired portfolio included 5 GW renewable assets in four Indian states, including 1,700 MW of operational capacity, 2,554 MW under construction and 5 GW of renewable assets in four Indian states, including construction close to 700 MW.
With 84% solar capacity (4,180 MW), 9% eel hybrid (450 MW) and 7% wind (324 MW), the portfolio was one of the highest quality renewable assets groups in India. Adani Green explained that the assets are developed and maintained to best-in-class standards.
Following the trading, Adani Green Energy's operational capacity increased to 5.4 GW, marking a four-fold expansion in its lock import folio of 19.8 GW.
