Indian conglomerate Adani Ports and Special Economic Zone (SEZ) is set to buy back as much as USD 195 mn of its 2024 bond in aggregate principal amount of the outstanding 3.375% senior notes due, according to a disclosure (pdf). The company will continue to buy outstanding notes over the next three quarters for cash, and will pay USD 975 for every USD 1k in principal by 11 October, it adds. The outstanding amount of the bond remains at USD 520 mn, with plans for the company to continue to repurchase debt in the coming quarters.

This isn’t the company’s first buyback: The ports and logistics company purchased in May a USD 130 mn cash tender to boost investor confidence, according to the statement. This came following the company’s shares being hit by a US short-sellers report in January. The company is refinancing USD 3.5 bn worth of debt taken out for an acquisition, Bloomberg reports.

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