+
Adani Ports offers to buy back up to $195 mn of 2024 bond
PORTS & SHIPPING

Adani Ports offers to buy back up to $195 mn of 2024 bond

Adani Ports and Special Economic Zone has disclosed its intention to repurchase up to $195 million worth of its 2024 bonds, according to an official exchange filing made on Wednesday. The move comes as part of the ongoing efforts of the company, led by billionaire Gautam Adani, to reduce its debt load and fulfill near-term loan obligations due in the coming year.

Earlier this year, the ports and logistics giant initiated a buyback program for select debt securities in April, aiming to prepay a portion of its imminent loans scheduled for repayment in 2024. This strategic move followed a tender offer of up to $130 million, designed to bolster investor confidence after Adani Group's shares faced a significant setback in the wake of a critical report by U.S. short-seller Hindenburg Research in January.

The company has outlined plans to continue acquiring outstanding notes for cash over the course of the next three quarters. Adani Group's seven listed stocks have collectively witnessed a decline of over $100 billion in market value since the release of Hindenburg Research's report on January 24. The report had raised allegations of improper use of offshore tax havens and stock manipulation against the group, allegations that were firmly denied by Adani Group.

This latest buyback move underscores Adani Ports' commitment to financial stability and addressing investor concerns in a dynamic market environment.

Adani Ports and Special Economic Zone has disclosed its intention to repurchase up to $195 million worth of its 2024 bonds, according to an official exchange filing made on Wednesday. The move comes as part of the ongoing efforts of the company, led by billionaire Gautam Adani, to reduce its debt load and fulfill near-term loan obligations due in the coming year. Earlier this year, the ports and logistics giant initiated a buyback program for select debt securities in April, aiming to prepay a portion of its imminent loans scheduled for repayment in 2024. This strategic move followed a tender offer of up to $130 million, designed to bolster investor confidence after Adani Group's shares faced a significant setback in the wake of a critical report by U.S. short-seller Hindenburg Research in January. The company has outlined plans to continue acquiring outstanding notes for cash over the course of the next three quarters. Adani Group's seven listed stocks have collectively witnessed a decline of over $100 billion in market value since the release of Hindenburg Research's report on January 24. The report had raised allegations of improper use of offshore tax havens and stock manipulation against the group, allegations that were firmly denied by Adani Group. This latest buyback move underscores Adani Ports' commitment to financial stability and addressing investor concerns in a dynamic market environment.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

MMRDA Targets Completion of Projects by December 2028

The Mumbai Metropolitan Region Development Authority (MMRDA) is targeting the completion of all its ongoing infrastructure projects by December 2028, a year ahead of its December 2029 deadline, Metropolitan Commissioner Dr Sanjay Mukherjee has said.Speaking at the sixth edition of the Real Estate & Infrastructure Investors' Summit (REIIS) 2026 in Mumbai, Mukherjee said the authority was developing an integrated network of roads, tunnels, sea links and Metro corridors under its broader vision of “Mumbai in 59 Minutes”.The objective is to improve east-west and north-south connectivity an..

Next Story
Building Material

High-Performance Façades Gain Ground in Indian Buildings

High-performance façades are gaining greater importance in Indian architecture as developers and architects increasingly focus on energy efficiency, thermal comfort and building performance, according to Shankar Fenestrations & Glasses.The company said modern façade systems are increasingly being considered as part of a building's overall performance strategy rather than being used primarily as aesthetic elements.High-performance glass, curtain wall systems and structural glazing can contribute to thermal regulation, solar control, daylight management and indoor comfort. Their growing ad..

Next Story
Technology

SPML Infra's 104.4 kWh BESS Battery Pack Clears Global Tests

SPML Infra has announced that its proprietary 104.4 kWh Battery Energy Storage System (BESS) battery pack has completed key international safety, performance and transportation testing and certification requirements, marking a step towards its commercial deployment.Developed under the company's own intellectual property, the battery pack has completed requirements under UL9540A, IEC 62619, IEC 63056, IEC 60730, IEC 61000-6-2, IEC 61000-6-4 and UN38.3 standards.The testing covers areas including thermal runaway safety, battery performance, system functional safety, electromagnetic compatibility..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code