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

Reuters
·1-min read
An inauguration ceremony after the Adani Group completed the purchase of Haifa Port

(Reuters) - Adani Ports and Special Economic Zone will buy back as much as $195 million of its 2024 bond, the billionaire Gautam Adani-led company said in an exchange filing on Wednesday.

Adani Ports had started a buyback program of some debt securities in April to prepay part of its near-term loans due next year.

Earlier this year, the ports and logistics company had floated a tender of up to $130 million as it tried to boost investor confidence after the group's shares were hit by a U.S. short-seller's report in January.

The company has said it plans to keep buying the outstanding notes over the next three quarters for cash.

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The Adani-led group's seven-listed stocks have lost over $100 billion in market value since a Jan. 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The group denied all allegations.

(Reporting by Kanjyik Ghosh and Varun Vyas in Bengaluru; Editing by Subhranshu Sahu)