Adani Ports and Special Economic Zone Ltd will buy back up to $195 million of its 2024 bond, as the Indian conglomerate led by billionaire Gautam Adani seeks to move past allegations made by a US shortseller.

The 3.375% notes rose the most since April on news that the company would pay $975 for every $1,000 in principal tendered by Oct. 11 for debt tendered by that date. Following that, the offer price drops to $965 per $1,000, according to a statement issued on September 27.

Adani Ports said it would fund the purchase from its cash reserves and said the bond in question has $520 million in principal outstanding. The Adani group has been trying to rebuild investor confidence in recent months after a shortseller Hindenburg Research report alleging malfeasance caused a selloff in its bonds and shares. Adani officials have repeatedly denied the allegations.

Having plunged as low as 85.8 cents on the dollar in February after Hindenburg published its allegations, the 2024 notes have recovered and were trading at 96.4 cents on the dollar on Wednesday, Bloomberg-compiled data show. The buyback offer constitutes a slight premium to the current price. Bond buybacks allow companies to repurchase debt through tender offers to bondholders, enabling them to retire some or all of the securities ahead of their due date.

This is the Indian firm's second tender offer for its 2024 notes in as many months. It plans to keep repurchasing notes in the coming quarters.

Adani's announcement deviates from the global trend. Companies have been repurchasing less debt since interest rates rose sharply. By holding bonds with lower coupons for a longer period of time, they avoid incurring more expensive new debt.