Adani Group plans to buyback $130 million foreign currency bond

Adani Ports and Special Economic Zone, a subsidiary of Adani conglomerate has announced the buyback of specific debt securities on Monday. This move is aimed at partially repaying loans that are due in 2024.

In an exchange filing, the company revealed that it has issued a tender for up to $130 million in unpaid debt. The report further read, ‘The group will likely begin with a first tranche amounting to anywhere between $250 million and $300 million in the current quarter, and look to buy back the rest in the upcoming quarters.’

As per the latest corporate documents of Adani Group revealed that APSEZ and Adani Green Energy, two of the group’s firms, have approximately $2 billion worth of foreign currency bonds that are due to mature next year.

Adani Group’s stocks and bonds of have made a partial recovery after the company repaid some of its debts and secured a $1.9 billion investment from boutique investment firm GQG Partners.

The company has commenced a tender offer to buy outstanding senior notes due 2024 worth $130 m to partly prepay the company’s near-term debt maturities in each of the next 4 quarters.