Adani Ports to make an early $130 million debt payment

10 May 2023 CW Team

Following over $413 million in debt being tendered for early payment, Adani Ports and Special Economic Zone, a group company of the struggling Adani group, announced on Tuesday that it would pay $130 million of its debt early.

Late this month, Adani Ports announced a tender for up to $130 million in dollar-denominated bonds with a 3.375% maturity date, in an effort to regain investor trust after the group's shares were severely damaged earlier this year by a US short-seller's report.

The firm, led by billionaire businessman Gautam Adani, has lost roughly $114 billion in market value since a Hindenburg Research study on January 24 accused it of unlawful use of offshore tax havens and stock manipulation. The organisation has seven listed stocks. The group refuted all charges.

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