Adani Ports to pay $130 mn of debt early, $413 mn debt tendered for payment

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(Reuters) – India’s Adani Ports and Special Economic Zone, a subsidiary of the beleaguered Adani Group, said on Tuesday it would pay $130 million of its debt early, after bidding for $413 million for early repayment.

Adani Ports tendered up to $130 million of a 3.375% dollar-denominated bond due 2024 late last month, as it seeks to boost investor confidence after the group’s shares plunged earlier this year by a short-seller report. in the United States.

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

(Reporting by Akanksha Khushi in Bengaluru; Editing by Shri Navaratnam)

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First published: May 09, 2023 | 08:00 ist