HomeMarketsIndian MarketsDollar bonds of Adani Group company inch higher

Dollar bonds of Adani Group company inch higher

Bonds denominated in U.S. dollars and issued by entities of India’s Adani Group traded marginally higher on Thursday, after a group company announced that it will contemplate a buyback of securities.

Adani Ports and Special Economic Zone, a subsidiary of the beleaguered Adani Group, announced on Wednesday that its board of directors will contemplate the first and partial redemption of certain debt securities on April 22.

In this fiscal year, the company will contemplate the buyback of securities denominated in either Indian rupees or U.S. dollars.

All of the dollar bonds issued by Adani Ports, Adani Transmission, Adani Green Energy, and Adani Electricity Mumbai were trading at a premium.

After Hindenburg Research questioned the conglomerate’s debt levels and use of tax havens on January 24, in a damning report, dollar bonds of group companies plummeted. The company’s billionaire chairman, Gautam Adani, refuted the allegation and maintained that its finances are solid.

In response to a directive from the Supreme Court, India’s market regulator is investigating Hindenburg’s allegations as well as the group’s dealings with affiliated parties.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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