| | MAY 20238Billionaire Gautam Adani's group announced on Tuesday that it will repay $130 million in debt in order to restore investor confidence after being targeted by a US short-seller. Adani Ports and Special Economic Zone, the Adani Group's ports company, floated a tender last month to buy back up to $130 million of its July 2024 bonds and similar amounts in each of the next four as it sought to regain investor confidence by demonstrating a comfortable liquidity position.According to APSEZ's stock exchange filing, an aggregae principal amount of $412.7 million was validly tendered."Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8th) exceeded the maximum acceptance amount of $130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to a proration factor of 34.2649 percent", it said.APSEZ announced on May 8th that the buyback programme for its 3.375 percent 2024 maturity dollar-denominated bonds had concluded."The purpose of the tender offer is to partly prepay the company's near-term debt maturities and to convey the company's comfortable liquidity position", it stated in a statement last month.As dealer managers for the offer, the company had hired Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong), and Standard Chartered Bank.In addition to the principal amount, the company will pay accrued interest on any notes purchased in the tender offer from the last interest payment date forward. As per to the sources, Akshay Tanna, a partner at TPG, is expected to join KKR & Co as a partner and head of its private equity unit, after working for the Texas-based firm for over a decade.Tanna (40) will be in charge of the entire gamut of buyouts, control transactions, growth equity, and even impact investments across industries at the American private equity firm. He will report to Gaurav Trehan, KKR's India country head.The two companies were notified of the development. An official statement is coming soon.Tanna, a Wharton School alumnus, worked as an investment banker in New York and London for Merrill Lynch and Deutsche Bank before joining TPG in 2010, where he invested in the firm's growth ($14.5 billion AUM), technology ($5.1 billion AUM), and impact funds ($5 billion AUM).Tanna's early investments with TPG included Sutures, Dodla Dairy, and Landmark Auto, but he became known for consumer tech winners like Lenskart, which resulted in a fourfold dollar return in as many years. Nykaa also provided an 8x return in four years. BookMyShow, Dream11, FirstCry, Livspace, and ExpressBees were among his other ventures."India is a very, very important part, not just of our Asia strategy, but also our global strategy. It has incredible fundamental growth", said Joseph Bae, co-CEO of storied private equity giant KKR. ADANI TO PREPAY $130 MILLION TO RESTORE INVESTOR FAITHAKSHAY TANNA EXITS TPG TO JOIN KKR AS HEAD OF PRIVATE EQUITYIN FOCUSIN FOCUS
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