Adani Ports starts $130 mln buyback of debt securities

Led by billionaire businessman Gautam Adani, the group’s seven-listed shares have misplaced about $114 billion in market worth since a January 24 report by Hindenburg Research accused it of improper use of offshore tax havens and inventory manipulation. File.
| Photo Credit: Reuters

Adani Ports and Special Economic Zone, a bunch firm of the beleaguered Adani Group, mentioned on April 24 that it began a buyback programme of sure debt securities to prepay half of its loans due in 2024. 

Adani Ports has floated a young of as much as $130 million in excellent debt, it mentioned in an trade submitting, because it seeks to spice up investor confidence after the group’s shares have been pummelled earlier this 12 months by a U.S. short-seller’s report. 

Also Read: The Adani story and Indian neoliberalism 

Led by billionaire businessman Gautam Adani, the group’s seven-listed shares have misplaced about $114 billion in market worth since a January 24 report by Hindenburg Research accused it of improper use of offshore tax havens and inventory manipulation. The group denied all allegations. 

The Economic Times first reported on Monday that the Adani Group plans to purchase again international foreign money bonds of varied group firms. The buyback will begin with a $650-million tranche at its ports unit, the report mentioned, citing sources. 

The group will probably start with a primary tranche amounting to $250-$300 million within the present quarter and look to purchase again the remainder within the upcoming quarters, the report mentioned. 

Adani Group declined to touch upon the ET report. 

Shares and bonds of Adani Group have regained some misplaced floor over the previous month or so after it repaid some debt and attracted a $1.9 billion funding from boutique funding agency GQG Partners. 

The U.S. dollar-denominated bonds issued by Adani Ports rose after the corporate floated a young of 3.375% 2024 maturity greenback bonds.