India's Adani Ports to consider buyback of debt securities
PORTS & SHIPPING

India's Adani Ports to consider buyback of debt securities

India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said it will consider its first and partial buyback of certain of the company's debt securities. 

Adani Ports said in an exchange filing that it will consider buying back the securities, which will be denominated in either Indian rupees or US dollars, during the current fiscal year, subject to market conditions. The move comes as the conglomerate tries to regain investor trust after being battered by a critical report from a US short seller. 

The group's seven listed stocks, led by billionaire businessman Gautam Adani, have lost about $114 billion in market value since a Hindenburg Research report in January '24 accused it of improper use of offshore tax havens and stock manipulation, allegations the group has denied. 

Adani group shares and bonds have recovered some of their lost ground in the last month or so, thanks to debt repayment and a $1.9 billion investment from boutique investment firm GQG Partners. However, the group is still fighting an investigation by India's market regulator into Hindenburg's allegations as well as the group's related party dealings in response to a Supreme Court directive.

Also Read

India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said it will consider its first and partial buyback of certain of the company's debt securities. Adani Ports said in an exchange filing that it will consider buying back the securities, which will be denominated in either Indian rupees or US dollars, during the current fiscal year, subject to market conditions. The move comes as the conglomerate tries to regain investor trust after being battered by a critical report from a US short seller. The group's seven listed stocks, led by billionaire businessman Gautam Adani, have lost about $114 billion in market value since a Hindenburg Research report in January '24 accused it of improper use of offshore tax havens and stock manipulation, allegations the group has denied. Adani group shares and bonds have recovered some of their lost ground in the last month or so, thanks to debt repayment and a $1.9 billion investment from boutique investment firm GQG Partners. However, the group is still fighting an investigation by India's market regulator into Hindenburg's allegations as well as the group's related party dealings in response to a Supreme Court directive.Also ReadHP CM expects Uhl-III hydropower project to be operational by MayJagan to lay groundwork for Greenfield Mulapeta Port

Next Story
Infrastructure Urban

CONCOR Launches Double-stack Service Between NCR and Varnama

State-run Container Corporation of India (CONCOR) has launched double-stack container train services between the National Capital Region (NCR) and Varnama near Baroda. This initiative aims to facilitate customers at Nhava Sheva near Mumbai, home to Jawaharlal Nehru Port (J N Port). On December 21, the first double-stack container train from Khatuwas and Dadri in NCR reached CONCOR’s Gati Shakti Multimodal Cargo Terminal (GCT) at Varnama, situated along the Western Dedicated Freight Corridor (WDFC). The train carried export cargo destined for J N Port, according to a statement from the state..

Next Story
Infrastructure Transport

Less than 10% of Rs 40 Billion State-aid for Shipbuilding Utilised

A government-sanctioned financial assistance program worth Rs 40 billion, intended to support local shipbuilders over a decade starting in April 2016, has seen minimal utilisation, with only Rs 3.85 billion—less than 10 per cent of the total fund—disbursed thus far. With 15 months remaining before the scheme concludes, its uptake has been limited. The financial aid applies to shipbuilding contracts signed between April 1, 2016, and March 31, 2026. According to a written response provided by Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal to the Rajya Sabha on December ..

Next Story
Infrastructure Transport

Civil Aviation Minister Opens New ATC Tower at Indore Airport

The Minister for Civil Aviation, Ram Mohan Naidu Kinjarapu, inaugurated the new Air Traffic Control (ATC) Tower-cum-technical block at Devi Ahilyabai Holkar International Airport in Indore, Madhya Pradesh. During the inauguration, the minister toured the facility, where ATC experts explained various technical aspects of tracking and coordinating flights from the newly constructed tower. In addition to the ATC tower, the airport has also introduced a zero-waste plant. The union minister confirmed that this initiative aligns with the government’s commitment to sustainability. Minister Ki..

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