FILE PHOTO: The logo of the Adani Group is seen on one of its buildings in Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave
MUMBAI (Reuters) – The U.S. dollar-denominated bonds issued by entities of India’s Adani Group were trading marginally higher on Thursday, after a group company said it will consider a buyback of securities.
On Wednesday, Adani Ports and Special Economic Zone, part of the beleaguered Adani Group, said it will consider its first and a partial buyback of certain of the company’s debt securities at a board meeting on April 22.
The company will consider the buyback of securities, which will either be denominated in Indian rupees or the U.S. dollar, in this financial year.
The dollar bonds of Adani Ports, Adani Transmission, Adani Green Energy and Adani Electricity Mumbai were all trading somewhat higher.
Dollar bonds of group companies had plunged after Hindenburg Research, in a scathing report on Jan. 24, questioned the conglomerate’s debt levels and use of tax havens. Billionaire chairman, Gautam Adani, called the report baseless and maintained that its financials are strong.
However, India’s market regulator is looking into Hindenburg’s allegations as well as the group’s related party dealings following a Supreme Court directive.