Home ›› 11 May 2023 ›› Asia Biz
Billionaire Gautam Adani's group today said it will prepay USD 130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller.
Adani Ports and Special Economic Zone, the ports company of the Adani Group, had last month floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable.
In a stock exchange filing, APSEZ said an aggregae principal amount of USD 412.7 million was validly tendered.
"Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8) exceeded the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 34.2649 per cent," it said.
Shares value of Adani group companies fell after Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.
The group has denied all allegations.
