Adani Ports and Special Economic Zones, a subsidiary of India’s troubled Adani Group, on Monday announced a buyback program of certain debt securities. The move aims to partially repay the outstanding debt in 2024.
Adani Ports disclosed in a filing to the stock exchange that it has issued a tender for outstanding loans of up to $130 million.
The company is taking this step to boost investor confidence, as Adani Group shares were badly hit after a negative report by US short-sellers earlier this year.
The report added, “The group is likely to start with the first tranche of anywhere between $250 million and $300 million in the current quarter and look to buy back the rest in the next quarter.”
