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 Transport

NHAI to Build 6-Lane Agra-Gwalior Expressway on BOT (Toll) Mode

To enhance connectivity between the tourism hubs of Agra and Gwalior, National Highways Authority of India (NHAI) will develop 88 km long 6-lane access controlled Agra-Gwalior Greenfield Expressway (NH-719D). NHAI, today signed a concession agreement for the implementation of project with GR Infraprojects, in presence of NHAI Chairman, Santosh Kumar Yadav and senior officials of NHAI and the Concessionaire. The Agra-Gwalior Greenfield Expressway will start from Deori village in Agra and terminate at Susera village in Gwalior. The project shall be developed at a Total Capital Cost of Rs 46.13 b..

Next Story
Infrastructure Transport

Cabinet Nods 166.8-km NH-6 Greenfield Corridor on HAM Mode

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the proposal for Development, Maintenance and Management of 4-lane Greenfield Access Controlled 166.80 km of National Highway No. 06 from Mawlyngkhung (near Shillong) in Meghalaya to Panchgram (near Silchar) in Assam on Hybrid Annuity Mode as an access controlled greenfield High-Speed Corridor at a total capital cost of Rs 228.64 billion. The project length of 166.80 km lies in Meghalaya (144.80 km) and Assam (22.00 km). The proposed Greenfield high-speed corridor will improve the service level ..

Next Story
Infrastructure Urban

Commercial Ops Begin at Multi-Modal Logistics Park in Nagpur

Under the PM Gati Shakti initiative of Prime Minister with the aim to provide seamless and efficient connectivity for the movement of people, goods and services across various modes of transport, thereby enhancing last-mile connectivity and reducing travel time, and under the guidance of Union Minister of Road Transport and Highways, Nitin Gadkari, the Multi Modal Logistics Park, Nagpur (MMLP Nagpur) at Sindi, near Wardha commenced its commercial operations with a goal to establish a faster link. The MMLP Nagpur established by National Highway Logistics Management (NHLML), a 100 per cent own..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?