Adani Ports and Special Economic Zone will prepay USD 195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller.

In a stock exchange filing, APSEZ said it will buy back USD 195 million of bonds due in 2024 using its cash reserves.

Out of the USD 520 million principal outstanding, USD 325 million will be left after the buyback, it said.

The company board "has approved tranche II of the tender offer to purchase for cash up to USD 195 million in aggregate principal amount of the outstanding 3.375 per cent senior notes due 2024 which represents 30 per cent of the principal amount of the notes," it said.

In May, the company had bought back its July 2024 bonds for cash USD 130 million in aggregate of the principal amount and stated that it would buy back 20 per cent of the principal amount of the bonds in each of the next four quarters.

In the second tranche of this, the company is now proposing to purchase up to USD 195 million of bonds. This represents 30 per cent of the principal amount of the bonds (USD 650 million). After USD 130 million buyback in May, USD 520 million remained outstanding.

The buyback tender is open till October 26, the filing said.