Adani Ports and Special Economic Zone shares rose as much as 1.52% to hit an intraday high of Rs 695.50 on the BSE, outperforming the Sensex which was up 0.37%
In an effort to further gain trust of investors, Adani Ports has decided to pre-pay $130 million debt of its outstanding 3.375 per cent Senior Notes due 2024 from each registered holder. The pre-payment comes after already tendering $412.72 million worth of debt by the company.
Adani Ports had floated a tender of up to $130 million of 3.375 per cent 2024 maturity dollar-denominated bonds late last month, as it seeks to boost investor confidence after the group's shares were pummelled earlier this year by a U.S. short-seller's report, according to news agency Reuters.
Following the development, Adani Ports and Special Economic Zone shares rose as much as 1.52 per cent to hit an intraday high of Rs 695.50 on the BSE, outperforming the Sensex which was up 0.37 per cent.
Promoted by billionaire Gautam Adani, Adani Group companies had lost as much as Rs 12 lakh crore after Hindenburg Research, the US-based short seller, accused it of stock price manipulation, fraud and improper use of tax havens.
The allegations were however denied by Adani Group in a 413 page response calling Hindenburg's allegations nothing but a lie, one that is an attack on not just Adani but also India.
The 413-pages long response begins by reading ‘a note of caution to our stakeholders.’ While referring to the Hindenburg Research report driven by “an ulterior motive,” Adani’s response goes on to add that the report has been released to “create a false market,” one that would allow the US-based firm to make financial gains.
As of 10:47 am, Adani Ports shares traded 1.15 per cent higher at Rs 693.