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    Vikshita Vitthal Gujaran in News

    24-Apr-2023 09:45 AM


    Adani group plans $650-m foreign currency bond buyback at APSEZ

    The Adani Group plans to utilise surplus cash and internal accruals to buy back foreign currency bonds of various group companies, starting with a $650-million tranche at Adani Ports and Special Economic Zone (APSEZ), two people aware of the ongoing discussions told ET.
    "The group plans to eventually buy back the entire $650 million tranche through internal accruals and cash on the books,'' said a person directly aware of the matter.
    Latest corporate filings showed that for the first nine months of FY23, APSEZ reported revenues of Rs 15,055 crore, and an EBITDA, or operating profit, of Rs 7,676 crore.
    The group is currently engaged in exploratory talks with potential overseas investors, such as global insurance firms, to privately place longer-tenor fixed coupon bonds of up to 30-year maturities, ET reported earlier, citing people aware of the matter.
    In a private placement, the issuer sells bonds to a group of select investors and institutions privately instead of using the open-market platform to raise funds.
    The Adani Group has steadfastly denied these allegations.

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