Adani Green Energy (NSE:ADANIGREEN, BOM:541450) said Indian billionaire Gautam Adani and Sagar Adani have reached a settlement with the U.S. Securities and Exchange Commission (SEC) in a civil case filed before the U.S. District Court for the Eastern District of New York, according to a Friday filing on Indian bourses.
The parties jointly filed a request for entry of final judgment on consent before the court on May 14 New York time, the filing said. Gautam Adani and Sagar Adani agreed to settle the matter without admitting or denying the allegations made by the SEC.
Under the settlement, Gautam Adani and Sagar Adani agreed to pay civil penalties of $6 million and $12 million, respectively, according to the filing.
Final court approval is awaited, the filing said.
Adani Green's shares fell nearly 3% at market close.