New Delhi: Billionaire Gautam Adani’s group on Tuesday said it will prepay USD 130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller.
Adani Ports and Special Economic Zone, the ports company of the Adani Group, had last month floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable.
In a stock exchange filing, APSEZ said an aggregae principal amount of USD 412.7 million was validly tendered.
“Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8) exceeded the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 34.2649 per cent,” it said.
Shares value of Adani group companies fell after Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.
The group has denied all allegations.
APSEZ said the buyback programme for its 3.375 per cent 2024 maturity dollar-denominated bonds closed on May 8.
“The purpose of the tender offer is to partly prepay the company’s near-term debt maturities and to convey the comfortable liquidity position,” it had said in a statement last month.
The company had engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and Standard Chartered Bank to serve as dealer managers for the offer.
In addition to the principal amount, the company will pay accrued interest, in respect of any notes purchased in the tender offer from, and including, the last interest payment date.
PTI
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