Adani Green Energy Ltd on Thursday scrapped a $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 an over $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, the company sold a 20-year green bond in the US-investment-grade market.

The issue was 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 decided not to proceed with the proposed USD denominated bond offerings,” Adani Green Energy said in a stock exchange filing.

The bonds were reportedly priced at around 7.45 per cent, with proceeds used to refinance debt. Last month, Adani Green postponed a $1.2 billion offering as some investors sought better pricing.

Last year, Adani scrapped a ₹20,000 crore FPO of its flagship firm, Adani Enterprises Ltd, following damning allegations by US short-seller Hindenburg Research.