A buyback programme of particular debt securities was announced on Monday by the ailing Adani Group's Indian business, Adani Ports and Special Economic Zone. This action aims to partially pay off debt that is due in 2024.

Adani Ports has disclosed in a stock exchange filing that it has made a tender offer for up to USD 130 million in outstanding debt. Since the Adani Group's shares were negatively impacted early this year as a result of a negative report by a U.S. short-seller, the business is taking this action to restore investor trust.

The group will likely begin with a first tranche amounting to anywhere between USD 250 million and USD 300 million in the current quarter, and look to buy back the rest in the upcoming quarters, as per reports. 

The Adani Group's stocks and bonds have partially recovered over the past month or two as a result of the company repaying some of its debts and obtaining a USD 1.9 billion investment from boutique investment firm GQG Partners.

The APSEZ and Adani Green Energy, two of the group's companies, have about USD 2 billion in foreign currency bonds that are slated to maturity in 2019, according to the most recent corporate filings from the Adani Group. The company is now reportedly  in talks with investors to refinance part of its foreign currency bonds through a private placement, 

To partially prepay the company's near-term debt obligations in each of the following four quarters, Adani Ports launches a tender offer to buy outstanding senior notes due 2024 for USD 130 million.

After an initial spike in response to accusations of "fraud," "mismanagement," and "market manipulation" by US-based short-selling firm Hindenburg Research, the yields on the foreign bonds issued by Adani Group have since stabilised. These accusations have always been refuted by The Adani Group.

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