Adani Ports & SEZ gets offer to buy back up to $430 million senior Notes

Biznextindia :  Adani Ports and Special Economic Zone Limited, the port and logistics subsidiary of Adani Group, on Tuesday announced  the results as of the Early Tender Date with respect to its previously announced offer to purchase for cash up to US$130 million in aggregate principal amount of its outstanding 3.375% Senior Notes due 2024. The early tender date for the offer that expired on May 8, 2023, saw the company receiving bids up to $412.7 million against the offer of $130 million.

The company had floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds late last month, as it seeks to boost investor confidence after the group’s shares were pummelled earlier this year by U.S. short-seller Hindenberg report.

The Adani Group, led by billionaire Gautam Adani, has incurred a loss of approximately $114 billion in market value across its seven listed stocks following the publication of the report on January 24. The conglomerate was alleged to have committed accounting fraud, stock manipulation, and other financial irregularities.