APSEZ board to consider partial buyback of debt securities on Saturday

Earlier this month, Adani Ports and Special Economic Zone Limited (APSEZ)had reported a 9 per cent growth in cargo handling at seaports it operates for the fiscal ended March 31

Billionaire Gautam Adani's Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday said its board will meet on Saturday to consider first and a partial buyback of certain of its debt securities, either denominated in rupee or US dollar in the current financial year.

"... a meeting of the Board of Directors of Adani Ports and Special Economic Zone Limited is scheduled on Saturday, April 22, 2023, to consider first and a partial buyback of certain of its debt securities, either denominated in INR or USD, in this financial year, subject to market conditions," the company said in a BSE filing.

Adani group has been under pressure after the US short-seller Hindenburg Research on January 24 accused it of accounting fraud and stock manipulation, allegations that the conglomerate has denied as "malicious" and "baseless".

Earlier this month, APSEZ had reported a 9 per cent growth in cargo handling at seaports it operates for the fiscal ended March 31.

At 339 million tonne, this is the largest port cargo ever, APSEZ said in a statement earlier.

The firm handled about 32 million tonne of total cargo in March, up 9.5 per cent year-on-year.

This was the first time since July 2022 that the volumes crossed the 30-million tonne mark.

The nation's largest port operator, which operates six ports on the west coast and five on the East, continues to add ports to its portfolio.

Recently, it completed the acquisition of Karaikal Port.

While the 11 ports it operates handle 25 per cent of total port volumes, the firm is also developing two transhipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.