MUMBAI: India’s Adani Ports and Special Economic Zonea gaggle corporate of the beleaguered Adani Group, stated on Monday it has began a buyback program of sure debt securities to partly prepay near-term loans due in 2024.
Adani Ports stated in an alternate submitting that it has floated a young of as much as $130 million in remarkable debt, because it tries to spice up investor self assurance after the crowd’s stocks had been pummeled previous this 12 months by way of a US short-seller’s file.
Led by way of billionaire businessman Gautam Adani, the crowd’s seven-listed shares have misplaced about $114 billion in marketplace price since a January 24 file by way of Hindenburg Research accused it of flawed use of offshore tax havens and inventory manipulation. The workforce denied the entire allegations.
The Economic Times first reported on Monday, bringing up assets, that the Adani Group plans to shop for again foreign exchange bonds of more than a few workforce corporations, beginning with a $650-million tranche at its ports unit.
The workforce will most likely start with a primary tranche amounting to anyplace between $250 million and $300 million within the present quarter, and glance to shop for again the remaining within the upcoming quarters, the file stated.
Adani Group didn’t instantly reply to a Reuters’ request for touch upon its buyback plans.
Shares and bonds of Adani Group have regained some misplaced floor over the last month or so after it repaid some debt and attracted a $1.9 billion funding from boutique funding company GQG Partners.
Adani Ports stated in an alternate submitting that it has floated a young of as much as $130 million in remarkable debt, because it tries to spice up investor self assurance after the crowd’s stocks had been pummeled previous this 12 months by way of a US short-seller’s file.
Led by way of billionaire businessman Gautam Adani, the crowd’s seven-listed shares have misplaced about $114 billion in marketplace price since a January 24 file by way of Hindenburg Research accused it of flawed use of offshore tax havens and inventory manipulation. The workforce denied the entire allegations.
The Economic Times first reported on Monday, bringing up assets, that the Adani Group plans to shop for again foreign exchange bonds of more than a few workforce corporations, beginning with a $650-million tranche at its ports unit.
The workforce will most likely start with a primary tranche amounting to anyplace between $250 million and $300 million within the present quarter, and glance to shop for again the remaining within the upcoming quarters, the file stated.
Adani Group didn’t instantly reply to a Reuters’ request for touch upon its buyback plans.
Shares and bonds of Adani Group have regained some misplaced floor over the last month or so after it repaid some debt and attracted a $1.9 billion funding from boutique funding company GQG Partners.
