On April 20, Adani Ports and Special Economic Zone (SEZ) shares rose over 2% in early trade after the firm announced its board meeting on Saturday to deliberate the first and partial buyback of its certain debt securities, operative in the current financial year, the company mentioned.

The debt securities will be denominated either in Indian rupee or US dollar per the market conditions, India’s leading port and logistics firm, Adani Ports, stated in an exchange filing.

The initiative is likely intended to boost investors’ confidence after US short-seller Hindenburg Research alleged high debt levels and stock price manipulation of Adani Enterprises.

At 09.50 am, Adani Ports and Special Economic Zone shares were trading 1.74% higher at Rs 669.85 on the NSE. The stock also moved to an intraday high of Rs 673.50 on April 20.

After the Hindenburg research, Adani Ports’ shares have observed sharp unpredictability in recent months. The multinational has been on the defensive mode, breaking media reports that called into enquiry the firm’s ability to reimburse its debt.

Towards the March end, The Ken, an online broadcasting firm, reignited concerns about the enterprise’s repayment of $2.15 billion in share-backed loans. The business news website informed about the regulatory filings’ specification that banks had not released an essential portion of the conglomerate’s shares.

The power-to-port conglomerate later discharged the posted report as it simplified paying off share-backed financing amounting to $2.15 billion and the issue of stocks pledged for those facilities.