Led by billionaire businessman Gautam Adani, the group’s seven-listed shares have misplaced almost $114 billion in market worth after a January 24 report by Hindenburg Analysis alleged improper use of offshore tax havens and inventory manipulation . file. , Photograph Credit score: Reuters
Adani Ports and Particular Financial Zone, a bunch firm of the Adani Group, on April 24 stated it has initiated a buyback program of sure debt securities for prepayment of its loans due in 2024.
Adani Ports will tender as much as $130 million in excellent debt, it stated in an alternate submitting, because it appears to be like to dent investor confidence after a US short-seller report dented the group’s shares earlier this 12 months. tries to extend.
Learn additionally: The Adani story and Indian neoliberalism
Led by billionaire businessman Gautam Adani, the group’s seven-listed shares have misplaced almost $114 billion in market worth after a January 24 report by Hindenburg Analysis alleged improper use of offshore tax havens and inventory manipulation . The group denied all allegations.
The Financial Occasions had first reported on Monday that the Adani group was planning to purchase again overseas foreign money bonds of assorted group firms. The buyback will start with a $650 million tranche at its ports unit, the report stated, quoting sources.
The report stated the group would doubtless begin with the primary tranche of $250-$300 million within the present quarter and would look to purchase again the remaining quantity within the coming quarters.
Adani Group declined to touch upon ET’s report.
Adani Group shares and bonds have recovered some misplaced floor over the previous month after paying off some debt and attracting $1.9 billion in funding from boutique funding agency GQG Companions.
US dollar-denominated bonds issued by Adani Ports soared after the corporate floated tender of three.375% 2024 maturity greenback bonds.