India's Adani Ports to consider buyback of debt securities
PORTS & SHIPPING

India's Adani Ports to consider buyback of debt securities

India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said it will consider its first and partial buyback of certain of the company's debt securities. 

Adani Ports said in an exchange filing that it will consider buying back the securities, which will be denominated in either Indian rupees or US dollars, during the current fiscal year, subject to market conditions. The move comes as the conglomerate tries to regain investor trust after being battered by a critical report from a US short seller. 

The group's seven listed stocks, led by billionaire businessman Gautam Adani, have lost about $114 billion in market value since a Hindenburg Research report in January '24 accused it of improper use of offshore tax havens and stock manipulation, allegations the group has denied. 

Adani group shares and bonds have recovered some of their lost ground in the last month or so, thanks to debt repayment and a $1.9 billion investment from boutique investment firm GQG Partners. However, the group is still fighting an investigation by India's market regulator into Hindenburg's allegations as well as the group's related party dealings in response to a Supreme Court directive.

Also Read

India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said it will consider its first and partial buyback of certain of the company's debt securities. Adani Ports said in an exchange filing that it will consider buying back the securities, which will be denominated in either Indian rupees or US dollars, during the current fiscal year, subject to market conditions. The move comes as the conglomerate tries to regain investor trust after being battered by a critical report from a US short seller. The group's seven listed stocks, led by billionaire businessman Gautam Adani, have lost about $114 billion in market value since a Hindenburg Research report in January '24 accused it of improper use of offshore tax havens and stock manipulation, allegations the group has denied. Adani group shares and bonds have recovered some of their lost ground in the last month or so, thanks to debt repayment and a $1.9 billion investment from boutique investment firm GQG Partners. However, the group is still fighting an investigation by India's market regulator into Hindenburg's allegations as well as the group's related party dealings in response to a Supreme Court directive.Also ReadHP CM expects Uhl-III hydropower project to be operational by MayJagan to lay groundwork for Greenfield Mulapeta Port

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?