NEW DELHI: India’s beleaguered Adani Ports and Special Economic Zone has announced that it has started to buyback its sold assets.
Adani Ports has recently floated a tender of up to $130 million in outstanding debt as it seeks to increase investor confidence after the group’s shares tumbled earlier this year after a US short-seller’s report claimed that the group was involved in an improper use of offshore tax havens and stock manipulation.
Led by billionaire tycoon Gautam Adani, the group’s seven-listed stocks lost around $114 billion in market value since a January 24 report published by Hindenburg Research, accusing the company of stock manipulation. The group termed all allegations baseless.
According to Reuters, the Adani Group is planning to get back the foreign currency bonds of various group companies. The repurchase would start with a $650-million tranche at its ports unit.
The Adani group is likely to begin with a first tranche amounting to $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 recently regained some lost ground after it repaid some debt and attracted around a $1.9 billion investment from GQG Partners, a boutique investment firm.
