Adani Ports initiates $130 million debt securities buyback program

Adani Ports and Special Economic Zone, a subsidiary of the troubled Adani Group in India, has announced a buyback program of specific debt securities on Monday.

This move is aimed at partially repaying loans that are due in 2024.

Adani Ports has revealed in a filing to the stock exchange that it has issued a tender for up to $130 million in unpaid debt.

The company is taking this step to enhance investor confidence, as the Adani Group's shares were badly affected earlier this year following a negative report by a U.S. short-seller.

Over the last month or so, the stocks and bonds of Adani Group have made a partial recovery after the company repaid some of its debts and secured a $1.9 billion investment from boutique investment firm GQG Partners.

Adani Group's latest corporate documents revealed that APSEZ and Adani Green Energy, two of the group's firms, have approximately $2 billion worth of foreign currency bonds that are due to mature next year.

According to a report by sources on March 20, the group is currently negotiating with investors to refinance some of its foreign currency bonds through private placement.

Adani Ports commences a tender offer to buy outstanding senior notes due 2024 worth $130 m to partly prepay the company’s near-term debt maturities in each of the next 4 quarters.