Adani Group begins $130 mn debt buyback

PTI

Updated At : 11:29 AM Apr 25, 2023 IST

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New Delhi, April 24

Adani Ports and Special Economic Zone (APSEZ) on Monday started the first debt buyback programme since billionaire Gautam Adani’s conglomerate was targeted by a US short-seller in January.

The APSEZ floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four quarters, it said in an exchange filing, as it looks to regain investor confidence by showing that its liquidity position is comfortable.

Shares of Adani Group companies pummelled after Hindenburg Research accused it of accounting fraud and improper use of offshore tax havens for stock manipulation. The group has denied all allegations. The APSEZ said it had started a buyback programme for its 3.375% 2024 maturity dollar-denominated bonds.

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