Adani Ports had started a buyback program of some debt securities in April to prepay part of its near-term loans due next year.
Earlier this year, the ports and logistics company had floated a tender of up to $130 million as it tried to boost investor confidence after the group’s shares were hit by a U.S. short-seller’s report in January.
The company has said it plans to keep buying the outstanding notes over the next three quarters for cash.
The Adani-led group’s seven-listed stocks have lost over $100 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.
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