Adani Ports, Adani Enterprises, Adani Green: Adani Shares In Focus Today

The share price of most Adani group firms- Adani Ports, Adani Enterprises, and Adani Green Energy traded in the green on Wednesday (September 27). Adani stocks caught investors' attention today after the Adani group firm Adani Ports and Special Economic Zone Limited said that it will buy back as much as $195 million of its 2024 bond, as the Gautam Adani-led Indian conglomerate intends to move on from the allegations levied by a US short seller. In an exchange filing on September 27, 2023, the company said that it has commenced a cash tender offer for up to US$195,000,000 in aggregate principal amount of the outstanding 3.375% Senior Notes due 2024.

According to the company the Tender Offer is intended to partly prepay the company's near-term debt maturities. After the successful completion of this Tender Offer, the Company expects US$325,000,000 Notes to remain outstanding ("Outstanding Notes"). In May 2023, the Adani group firm purchased for cash US$130,000,000 in aggregate principal amount of the Notes and had indicated that it would purchase for cash approximately 20% of the principal amount of the Notes issued, in each of the next four quarters. In this second tranche, the company is purchasing for cash up to US$195,000,000 in aggregate principal amount of the Notes which represents 30% of the principal amount of the Notes issued.

The company reiterated its intention that, subject to market conditions and its liquidity position, it will continue purchasing for cash the outstanding Notes over the next three quarters in line with its announcement in May 2023. The Company intends to fund the Notes accepted for purchase in the Tender Offer from its cash reserves.

Adani Ports said that The Tender Offer will expire at 5:00 pm, New York time, on October 26, 2023, unless extended or earlier terminated as described in the Tender Offer Memorandum (such time and date, as they may be revised, the "Expiration Time").
It said:

"The total consideration for each US$1,000 principal amount of Notes purchased pursuant to the Tender Offer will be (i) US$975 per US$1,000 principal amount of Notes(the "Early Tender Offer Consideration") payable only in respect of Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on October 11, 2023 (the "Early Tender Date") that the Company accepts for purchase pursuant to the Tender Offer, or (ii) US$965 per US$1,000 principal amount of Notes (the "Tender Offer Consideration") payable in respect of Notes validly tendered after the Early Tender Date but at or before the Expiration Time that the Company accepts for purchase pursuant to the Tender Offer, in each case, subject to the Maximum Acceptance Amount and Proration (each as may be applicable)."

Adani Ports shares were up 0.94% at Rs 828.50 per share at 11:15 a.m. IST today.

Adani Enterprises:

The share price of Adani Enterprises was spotted trading 0.76% higher at Rs 2475.55 per share at 11:16 am IST. In the last six months, Adani Enterprises shares have gained almost 43%.

Adani Green Energy:

The share price of Adani group firm's renewable energy firm Adani Green Energy was up 0.69% at Rs 1013.75 per share. The stock's year-to-date (YTD) performance is down over 40%.