India’s Adani Ports and Special Economic Zones, a group company of the beleaguered Adani Group, said at a meeting, that it would consider an early and partial buyback of some of the company’s debt securities.
Adani Ports will look to buy securities denominated in Indian rupees or US dollars this financial year, depending on market conditions. The move comes as the conglomerate seeks to boost investor confidence after a key report from US short sellers.
Partial buyback of some of the company’s debt securities
Seven shares of the group, led by billionaire businessman Gautam Adani, have lost about $ 114 billion in market value since January 24, a report by Hindenburg Research accused them of abusing offshore tax havens and ordinary manipulation.
Adani Group shares and bonds have rebounded in recent months after shedding debt and attracting a $1.9 billion investment from boutique investment firm GQG Partners.
However, the adani group is fighting an investigation by the Indian market regulator looking into the group’s related activities after Hindenburg’s accusations and the Supreme Court’s directive.