Adani Ports considering buyback of partial debt security, company informed in BSE filing.
New Delhi, Business Desk: Billionaire Gautam Adani’s company Adani Ports and Special Economic Zone Limited (APSEZ), which handles the maximum number of ports in the country, said that in the coming Saturday’s board meeting, the company will decide to sell some of its debt securities in the current financial year. Will consider further partial buybacks before This buyback will be done either in rupees or in dollars.
Attempt to improve image after Hindenburg
Giving information about the buyback during the BSE filing, the company said that the meeting of the Board of Directors of APSEZ has been scheduled on Saturday, April 22, 2023, in which the company is considering buyback of its debt security.
Let us tell you that after the Hindenburg report, there was a negative impact on the shares of Adani Group companies and there was a tremendous fall in the shares of the company. However, the Adani Group called all the allegations made by Hindenburg baseless and malicious.
APSEZ registered a growth of 9 percent in the last financial year.
Earlier this month, APSEZ informed that there was a 9 per cent growth in cargo handling at the ports in the financial year ended March 31, the highest ever port cargo handled at 339 million tonnes. According to Adani Ports, the company achieved a capacity of around 32 million tonnes of total cargo in March, up more than 9.5 per cent year-on-year.
Adani Ports shares rise after buyback announcement
As soon as the news of buyback came in the stock market, there was a jump in the shares of Adani Ports. In just a few minutes, the stock of Adani Ports registered a jump of 1.50 per cent. Adani Ports closed at Rs 666 per share with a gain of 1.17 per cent in the Nifty till the market closed today. Recently, Adani Ports and Special Economic Zone Limited acquired Karaikal Ports to become the largest company handling 14 ports in the country.
