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New Delhi:
Adani Group’s company Adani Ports and Special Economic Zone Limited (Adani Ports & SEZ) is prepaying $ 130 million loan to address the concerns of investors on the liquidity front. After this news, the shares of Adani Ports have seen a boom. On Tuesday i.e. May 9, Adani Ports informed the exchange that the company would repay the loan ahead of time. Let us tell you that only last month, Adani Ports had issued tender bonds worth $130 million.
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Gautam Adani’s Adani Ports has received a partial buyback offer for its debt for Rs 3,377.6 crore or $412.7 million, according to an exchange filing. This is over 300% of its initial offer amount as on May 8, the closing date of the initial tender offer.
The company has made an offer for buyback of 3.375% senior notes for Rs 1,063.9 crore or $130 million.Adani Ports will accept offers for purchase of approximately 34.3% senior notes, for which holders will receive Rs 81,824 or $1,000 per For the principal amount of Rs 79,369.2 or $970 will be received. According to the information given on May 9, the settlement date for senior notes is expected to be on May 10.
Adani Ports shares climbed 1.14% to Rs 692.8 by 9:34 am, while the NSE Nifty 50 was up 0.17%. According to Bloomberg data, all of the 20 analysts tracking the company have maintained ‘BUY’ ratings. According to the analyst, Adani Ports shares can see an upside growth of up to 17.1% for 12 months.
(This news has not been edited by NDTV team. It is published from BQ PRIME.)
(Except for the headline, this story has not been edited by NDTV staff and is published from a press release)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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