Earlier this month, Adani Ports informed exchanges that it completed the purchase of senior notes worth $195 million due in 2024, as part of its program to prepay short-term maturing debt and reduce its liabilities. The senior notes, having a face value of $1,000 and coupon of 3.375%, were bought back at $975 each.

“The company paid a total of $191.53 million, comprised of the early tender offer consideration in the amount of $975 per $1,000 principal amount, and accrued interest, of $7.40 per $1,000, of US$194.96 in aggregate principal amount of the notes,” it said in a BSE filing on October 14.

The aggregate principal amount of notes that remained outstanding following the cancellation was $325 million.

In May this year, the company had purchased $130 million worth of the notes and indicated buying back about a fifth of the principal amount in each of the next four quarters, amounting to $650 million.

The prepayment programme was conducted to boost investors’ confidence in the Adani group companies after an adverse report by the U.S.-based short-seller Hindenburg Research. The report, which came out on January 24, 2023, triggered sell-off in group shares, with all ten listed entities hitting their respective 52-week lows, resulting in a huge market loss for the conglomerate.

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