The SEBI market regulator accused Pranav Adani, a key director of the Adani group, of violating initiate crime regulations by sharing information sensitive to unpublished prices before a major acquisition, according to a Reuters report.
According to the Reuters report, Sebi sent an opinion to Pranav Adani last year, alleging that he had disclosed the details of the acquisition of Adani Green Energy in 2021 from SB Energy Holdings to his brother-in-law Kunal Shah before the agreement became public.
The Sebi report allegedly alleged that Adani “communicated information sensitive to unpublished prices relating to the acquisition of SB energy” in violation of initiate negotiation rules. The document also said that Kunal Shah and his brother Nrupal Shah had exchanged Adani Green shares on the basis of this information, earning “badly acquired gains” of 9 million pounds Sterling ($ 108,000), added the Reuters report.
In a response to Reuters, Pranav Adani, who is nephew by Gautam Adani, argued that he “had not violated any laws on securities” and continues a regulation “to end the question, without admission or denial of allegations”.
The acquisition in question, finalized in October 2021, saw Adani Green Energy Ltd Buy SB Energy India – a joint venture between the Japanese Softbank group and Burti Enterprises – for a corporate value of 3.5 billion dollars. The portfolio acquired included 5 GW of renewable assets in four Indian states, including 1,700 MW of operational capacity, 2,554 MW under construction and 700 MW near construction.
With 84% solar capacity (4,180 MW), 9% wind hybrid (450 MW) and 7% wind turbines (324 MW), the portfolio was part of the highest quality renewable active groups in India. Adani Green described assets as developed and maintained according to the best standards in class.
After the agreement, Adani Green Energy’s operational capacity increased to 5.4 GW, with a total locked portfolio of 19.8 GW, marking a quadruple expansion.
