Adani Ports Approves Tender Offer to Purchase Up to $130 Million in Cash in the Aggregate Principal Amount of the Outstanding 3.375% Senior Notes

Adani Ports and Special Economic Zone Limited (APSEZ): On Monday, April 24, Adani Ports said the company has launched a cash tender offer for up to US$130 million in the aggregate principal amount of 3.375% senior notes outstanding due 2024. About 39% of Adani Group’s total debt is in foreign currency bonds. Adani Ports is an Indian port operator and logistics company, a group company of the Adani Group.

Indian billionaire Gautam Adani addresses delegates during the Business Summit in Kolkata
Indian billionaire Gautam Adani addresses delegates during the Business Summit in Kolkata

Read Also: Adani Group market cap crosses $ 200 billion after Tata and Reliance

Adani Group intends to use surplus cash to buyback foreign currency bonds, starting with a $650 million tranche at its Adani Ports and Special Economic Zone unit.

Adani Ports and Special Economic Zone Limited is India’s largest private port operator with a network of 12 ports and terminals, including India’s first port-based Special Economic Zone (SEZ) at Mundra. Mundra Port is India’s largest container and private port, located on the northern shore of the Gulf of Kutch near Mundra in the Kutch district of Gujarat.

On 24 January 2023, Adani Group’s shares had fallen heavily after US short-seller Hindenburg’s report came out but Adani Group denied all the allegations. In an attempt to boost investor confidence after the Hindenburg report, Adani Group in a statement said it has repaid a $2.15 billion loan that was taken by pledging shares of the group’s listed firms.

Read Also: Abu Dhabi-based IHC to Invest $2 Billion in 3 Adani Group Companies: Adani stocks price surge

Read Also: Sun Pharma’s Mohali plant to have temporary hold on batch release till US FDA-mandated measures are implemented

Read Also: HDFC Bank Q2 earnings: Net Profit grew by 20% YoY to Rs 10605 cr in Q2 of FY 2022-23