(Bloomberg) -- Adani Ports & Special Economic Zone Ltd. has started the conglomerate’s first bond buyback since it was targeted by a short seller in January, sending its July 2024 notes to its biggest gain in a month.

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The company also said it plans to buy back $130 million of the 3.375% senior notes in each of the next four quarters as it tries to show its comfortable liquidity position, the firm said in stock exchange filing.

Prices for 11 out of 15 dollar-denominated debt of Adani group companies tracked by Bloomberg rose as of 9:42 a.m. in Hong Kong on Monday, led by the 0.7 cent on the dollar gain of the Adani Port’s July 2024 debt.

The buyback would mark another effort by the tycoon Gautam Shantilal Adani to regain investor confidence after the release of Hindenburg Research’s scathing report in January. The group has also trimmed capital spending for growth and said its founders have repaid share-backed loans.

NOTE: Everything You Need to Know About the Fight Between Adani and Hindenburg (5)

--With assistance from Nurin Sofia.

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