BENGALURU – India’s Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said on Monday it has started a buyback programme of certain debt securities to partly pre-pay near-term loans due in 2024. Adani Ports said in an exchange filing that it has floated a tender of up to US$130 million (S$173.6 million) in outstanding debt, as it tries to boost investor confidence after the group’s shares were pummelled earlier this year by a United States short-seller’s report.

Led by billionaire businessman Gautam Adani, the group’s seven listed stocks have lost about US$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. The group denied all allegations.

The Economic Times first reported on Monday, citing sources, that the Adani Group plans to buy back foreign currency bonds of various group companies, starting with a US$650 million tranche at its ports unit. The group will likely begin with a first tranche amounting to anywhere between US$250 million and US$300 million in the current quarter, and look to buy back the rest in the upcoming quarters, the report said.

Adani Group did not immediately respond to a Reuters request for comment on its buyback plans.

Shares and bonds of Adani Group have regained some lost ground over the past month or so after it repaid some debt and attracted a US$1.9 billion investment from boutique investment firm GQG Partners. REUTERS