Adani Ports to buy back bonds worth $195 million

PTI

New Delhi, September 27

Adani Ports and Special Economic Zone (APSEZ) will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors’ confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves.

Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said. The company Board “has approved tranche II of the tender offer to purchase for cash up to $195 million in aggregate principal amount of the outstanding 3.375% senior notes due 2024 which represents 30% of the principal amount of the notes,” it said.

In May, the company had bought back its July 2024 bonds for cash $130 million in aggregate of the principal amount.

#Gautam Adani