Adani Ports offers to buy back up to $195 mn of 2024 bond
PORTS & SHIPPING

Adani Ports offers to buy back up to $195 mn of 2024 bond

Adani Ports and Special Economic Zone has disclosed its intention to repurchase up to $195 million worth of its 2024 bonds, according to an official exchange filing made on Wednesday. The move comes as part of the ongoing efforts of the company, led by billionaire Gautam Adani, to reduce its debt load and fulfill near-term loan obligations due in the coming year.

Earlier this year, the ports and logistics giant initiated a buyback program for select debt securities in April, aiming to prepay a portion of its imminent loans scheduled for repayment in 2024. This strategic move followed a tender offer of up to $130 million, designed to bolster investor confidence after Adani Group's shares faced a significant setback in the wake of a critical report by U.S. short-seller Hindenburg Research in January.

The company has outlined plans to continue acquiring outstanding notes for cash over the course of the next three quarters. Adani Group's seven listed stocks have collectively witnessed a decline of over $100 billion in market value since the release of Hindenburg Research's report on January 24. The report had raised allegations of improper use of offshore tax havens and stock manipulation against the group, allegations that were firmly denied by Adani Group.

This latest buyback move underscores Adani Ports' commitment to financial stability and addressing investor concerns in a dynamic market environment.

Adani Ports and Special Economic Zone has disclosed its intention to repurchase up to $195 million worth of its 2024 bonds, according to an official exchange filing made on Wednesday. The move comes as part of the ongoing efforts of the company, led by billionaire Gautam Adani, to reduce its debt load and fulfill near-term loan obligations due in the coming year. Earlier this year, the ports and logistics giant initiated a buyback program for select debt securities in April, aiming to prepay a portion of its imminent loans scheduled for repayment in 2024. This strategic move followed a tender offer of up to $130 million, designed to bolster investor confidence after Adani Group's shares faced a significant setback in the wake of a critical report by U.S. short-seller Hindenburg Research in January. The company has outlined plans to continue acquiring outstanding notes for cash over the course of the next three quarters. Adani Group's seven listed stocks have collectively witnessed a decline of over $100 billion in market value since the release of Hindenburg Research's report on January 24. The report had raised allegations of improper use of offshore tax havens and stock manipulation against the group, allegations that were firmly denied by Adani Group. This latest buyback move underscores Adani Ports' commitment to financial stability and addressing investor concerns in a dynamic market environment.

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Next Story
Infrastructure Transport

NHAI to build flyover and underpass on Jaipur's 200-Feet bypass

Following a recent survey, the National Highways Authority of India (NHAI) decided to construct a flyover and an underpass at the 200-Feet Bypass crossing, known to be one of the city's most congested areas. The Union Ministry of Road, Transport and Highways (MoRTH) is expected to float tenders for the project in January of the following year. Once construction begins, it is projected to take approximately one and a half years to complete. NHAI plans to submit a detailed project report (DPR) within the next two months. Ajay Arya from NHAI explained that the initiative aims to alleviate tra..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000