India’s Adani Ports and Special Economic Zone to pay $130 million of debt early

GG News Bureau

New Delhi, 9th May. India’s Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said on Tuesday that it would pay $130 million of its debt early, after nearly $413 million worth of debt has been tendered for early payment.

Adani Ports had floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds late last month, as it seeks to boost investor confidence after the group’s shares were pummelled earlier this year by a U.S. short-seller’s report.

Led by billionaire businessman Gautam Adani, the group’s seven-listed stocks have lost about $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. (Reuters)