MUMBAI: India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, says it has started a buyback programme of certain debt securities to partly prepay near-term loans due in 2024. Adani Ports said in an exchange filing that it has floated a tender of up to US$130mil in outstanding debt, as it tries to boost investor confidence after the group's shares were pummelled earlier this year by a US short-seller's report. Led by billionaire businessman Gautam Adani, the group's seven-listed stocks have lost about US$114bil in market value since a Jan 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation.

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