Adani Group Begins $130 Million Debt Buyback

The Adani group has been in trouble since a report by New York-based short-seller Hindenburg Research came out in late January. 

Mumbai: Adani Port and Special Economic Zone under the Adani Group has announced its decision to buy certain debt securities. The company, owned by industrialist Gautam Adani, announced its decision in a notice filed by the company with the Bombay Stock Exchange on Monday. In fact, their move is to repay the debt which has a deadline of July 2024. Adani Port said in a filing to the stock exchange that it has announced the tender to repay a debt of $130 million or Rs 1,064 crore.

According to sources, more information about this matter has come to the fore recently. It is reported that the Adani Group may purchase debt securities worth USD 250 million in the future. In addition, the company may buy up to $300 million in debt securities this quarter. The remaining debt securities will be purchased in subsequent quarters. According to the company, this decision has been taken to restore the confidence of investors.

The Adani group has been in trouble since a report by New York-based short-seller Hindenburg Research came out in late January. The report claimed that the Adani group had rigged the increase in the share prices of its various companies. After that, the share prices of various companies of the Adani group suddenly went to the bottom. Within a few days, Adani Goshti lost assets worth thousands of crores of rupees. State-owned insurance company LIC has investments in Adani group companies. On the other hand, Adani Gosti has a large loan from SBI. In this situation, the opposition has expressed apprehension about the protection of the money collected by the people in those two organizations and blamed the Modi government at the center for this. Currently, the market regulator Securities and Exchange Bureau of India (SEBI) is investigating the share-corruption allegations leveled against the Adani group. Besides, a committee set up by the Supreme Court is also investigating separately.