Employees walk past the Adani House corporate building at the institutional area in Gurugram on Feb 8, 2023.  (PHOTO / AFP)

India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said on Monday that it started a buyback program of certain debt securities to prepay part of its loans due in 2024.

Adani Ports has floated a tender of up to $130 million in outstanding debt, it said in an exchange filing, as it seeks to boost investor confidence after the group's shares were pummeled 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 $114 billion in market value since a Jan 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation

Led by billionaire businessman Gautam Adani, the group's seven-listed stocks have lost about $114 billion in market value since a Jan 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The group denied all allegations.

The Economic Times first reported on Monday that the Adani Group plans to buy back foreign currency bonds of various group companies. The buyback will start with a $650-million tranche at its ports unit, the report said, citing sources.

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The group will likely begin with a first tranche amounting to $250-$300 million in the current quarter and look to buy back the rest in the upcoming quarters, the report said.

Adani Group declined to comment on the ET report.

Shares and bonds of Adani Group have regained some lost ground over the past month or so after it repaid some debt and attracted a $1.9 billion investment from boutique investment firm GQG Partners.

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The US dollar-denominated bonds issued by Adani Ports rose after the company floated a tender of 3.375 percent 2024 maturity dollar bonds.