APSEZ’s offer to buy back bonds is a big hit

Investors who tender their bonds on or before the initial tender date will receive the principal amount of $970 per $1,000, plus accrued interest.

The company said that the company will accept additional bonds subject to a ratio factor of 34.2649%.

Any bonds not accepted for purchase will remain outstanding and continue to earn interest. The initial settlement date is expected to be May 10, 2023.

“According to information provided by Morrow Sodali Ltd., the Notice and Tender Agent for the Tender Offer, an aggregate principal amount of $412,724,000 of the Notes was validly tendered and validly returned pursuant to the Tender Offer as of the Initial Tender Date.” was not taken.” the company said.

Adani Ports had announced buy-back of up to $130 million of the company’s outstanding bonds in an effort to comfort investors and creditors about the group’s liquidity position, reported US-based short-seller Hindenburg Research on 24 Had come under the scanner after a serious report. January.

This was the first-ever buyback of bonds by Adani Ports and assumes significance in the backdrop of widespread concern among investors about the group’s liquidity position following the Hindenburg Research report.

The total debt of the Adani group is around 2.27 trillion as on March 31 and the gross assets were 3.91 trillion.

Market capitalization of Adani Ports 149,438 crores. The stock hit a 52-week high 987.90, and was a 52-week low 394.95. The company was trading about 1% higher 691.90 per share on BSE on Tuesday.

On 18 April, Peppermint The report said that during the recently ended March quarter, Adani paid $3 billion to repay promoter pledges and bonds in group firms. Adani Group has significantly reduced its promoter-group pledge and settle bonds with three domestic mutual funds using $1.88 billion equity funding by GQG Partners and an additional $1 billion from promoter-group funding.