Adani Ports is considering a partial debt buyback on April 22

Adani Ports Board of Directors will meet on April 22 to review its first and partial debt repurchase of the current fiscal year.

The securities denominated in either Indian rupees or US dollars will be part of the buyback.

“A meeting of the Board of Directors of Adani Ports and Special Economic Zone Limited is scheduled for April 22 to consider an initial and partial repurchase of certain of its debt securities denominated in either INR or USD this financial year, subject to market conditions ‘ the company said in a filing.

The move is likely aimed at bolstering investor confidence following an unprecedented attack by Hindenburg, who allegedly pleaded high levels of debt and stock price manipulation.

After the release of a damaging report by Hindenburg Research in late January, Adani shares went into a tailspin, losing around $100 billion in market cap over the next few weeks.

On Wednesday, shares of Adani Ports on the NSE closed down 0.29% at Rs 656.65. It’s down 20% so far this year.

The company handled 32 million tons of total cargo in March 2023, representing a 9.5% year-on-year growth. Volumes exceeded the 30 mmt mark for the first time since July 2022. With a volume of 339 million tons in FY23, the company recorded its largest port freight volume to date.

Total container volume handled by Adani Ports in India increased to 8.6 MTUs in FY23, including 6.6 MTEUs at Mundra alone. The Port of Mundra remains India’s largest seaport with 155 MMT total cargo handled during the year.

The company is expected to report volume growth of 19% and revenue growth of 31% in the March quarter, driven by a combination of organic volume and realization growth and a boost from Gangavaram volume.

Last month US-based FII GQG Partners signed a Rs 15,000 crore deal with Adani Group’s promoter SB Adani Family Trust to buy shares in Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises.

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