Adani Ports gets offer to repay up to $130 million debt to ease debt loan

Adani Ports gets offer to repay up to $130 million debt to ease debt loan

The company had floated the tender of dollar-denominated bonds in April that will mature in 2024.

FPJ Web DeskUpdated: Tuesday, May 09, 2023, 12:04 PM IST
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Adani Ports gets offer to repay up to $130 million debt to ease debt loan | Image: Adani Ports (Representative)

Adani Ports and Special Economic Zone Limited on Tuesday announced the results of its tender offer to purchase up to $130 million of its pending 3.375 per cent senior notes that will mature in 2024, through an exchange filing. The company received bids of close to $412.7 million against the offer of $130 million.

The company had floated the tender of dollar-denominated bonds in April that will mature in 2024. The company last year also said it would start a buyback programme of certain debt securities to partly pay near-term debt maturities.

This move was taken by the company to boost investor confidence after the shares of the company fell due to the release of Hindenburg Research's report.

Earlier this month Adani Port had also completed the sale of its port in Myanmar for nearly $30 million. The sale of the port was due to the rising tension after a military coup in Myanmar.

Adani Ports shares

The shares of Adani Ports and Special Economic Zone Limited on Tuesday at 12:01 pm IST were at Rs 692.15, up by 1.03 per cent.

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