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

29 Sep 2023 CW Team

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.

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