On Monday, India’s Adani Ports and Special Economic Zone (APSE.NS), a group company of the troubled Adani Group, announced a repurchase program to prepay part of its 2024 debts.
In an exchange filing, Adani Ports offered to tender up to $130 million in outstanding debt to improve investor confidence after a U.S. short-seller report hammered its shares earlier this year.
The group’s seven-listed equities, led by billionaire Gautam Adani, have lost $114 billion in market value after Hindenburg Research accused it of stock manipulation and inappropriate use of offshore tax havens on Jan. 24. The group disputed everything.
On Monday, the Economic Times claimed that Adani Group companies would purchase back foreign currency bonds. According to insiders, its ports unit will receive a $ 650 million buyback.
The article stated the group would likely buy back $250-$300 million in the current quarter and the remainder in subsequent quarters.
ET said that Adani Group did not comment.
Adani Group shares and bonds have recovered over the past month after it discharged debt and received a $1.9 billion investment from boutique investment firm GQG Partners.
Adani Ports’ 3.375% 2024 maturity dollar bonds gained after the offer.
