BENGALURU (Reuters) – India’s Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said on Wednesday it will consider its first and a partial buyback of certain of the company’s debt securities at a board meeting on April 22.
Adani Ports will consider the buyback of the securities, which will either be denominated in Indian rupees or the U.S. dollar, in this financial year, subject to market conditions, it said in an exchange filing.
The move comes as the conglomerate tries to boost investor confidence after it was pummeled by a U.S. short seller’s critical report.
Led by billionaire businessman Gautam Adani, the group’s seven listed stocks 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, allegations the group has denied.
Adani group shares and bonds have regained some lost ground over the past month or so after it repaid some debt and attracted a $1.9 billion investment from boutique investment firm GQG Partners.
But, the group is still battling an investigation by India’s market regulator which is looking into Hindenburg’s allegations as well as the group’s related party dealings following a Supreme Court directive.
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber)
