India's Adani Ports and Special Economic Zone , a group company of the beleaguered Adani Group, said on Monday that it started a buyback programme of certain debt securities to prepay part of its loans due in 2024.
Adani Ports has floated a tender of up to $130 million in outstanding debt, it said in an exchange filing, as it seeks to boost investor confidence after the group's shares were pummelled earlier this year by a U.S. short-seller's report.
Led by billionaire businessman Gautam Adani, the group's seven-listed stocks have lost about $114 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. The Economic Times first reported on Monday that the Adani Group plans to buy back foreign currency bonds of various group companies. The buyback will start with a $650-million tranche at its ports unit, the report said, citing sources.
The group will likely begin with a first tranche amounting to $250-$300 million in the current quarter and look to buy back the rest in the upcoming quarters, the report said.Shares and bonds of Adani Group have regained some lost ground over the past month or so after it repaid some debt and attracted a $1.9 billion investment from boutique investment firm GQG Partners.after the company floated a tender of 3.375% 2024 maturity dollar bonds.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dollar bonds of India's Adani Ports rise as company starts debt buybackThe U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone rose on Monday, after the company commenced a cash tender offer for a buyback of securities.
Read more »
India Yes Bank’s net profit drops 45% in January-March on higher provisionsIndia's Yes Bank on Saturday reported a near 45% drop in net profit year-on-year for the January-March quarter as provisions for bad loans increased.
Read more »
Bhutan reacts to India hosting 'Global Buddhist Summit'EXCLUSIVE: Bhutan reacts to India hosting 'Global Buddhist Summit' | ✍️ TellDM NarendraModi | PMOIndia
Read more »
India's ICICI Bank posts 30% jump in Q4 net profitIndia's ICICI Bank on Saturday reported a 30% increase in fourth-quarter net profit helped by improved net interest income and growth in loans.
Read more »
India ICICI Bank’s net profit jumps 30% in January-MarchIndian private lender ICICI Bank on Saturday reported a near 30% increase in net profit for the fiscal fourth quarter ending in March, on the back of improved net interest income and healthy loan growth.
Read more »
Video from India falsely shared as 'Rohingya selling chemical-laced vegetables in Malaysia'A video has been viewed hundreds of times after it was shared alongside a false claim that it shows Rohingya refugees in Malaysia soaking vegetables in chemicals to make them look fresh before selling them at a market. In fact, the clip has circulated since at least 2021, with clues that it was taken in India. In the video, people can be heard conversing in Marathi, a language widely spoken in India's Maharashtra state -- not Rohingya language. Longer footage also shows a motorbike with a license plate number from a city in Maharashtra.
Read more »