Adani Transmission Ltd., part of Indian billionaire Gautam Adani’s conglomerate, plans to buy back as much as $100 million of bonds issued by a unit in efforts to boost investor confidence, according to people familiar with the matter.

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Adani Electricity Mumbai Ltd., a wholly-owned subsidiary of Adani Transmission, will announce the bond buyback shortly, one of the people said, asking not to be identified as the information is private.

A few banks are working with Adani Transmission to facilitate the deal, according to one of the people. A representative from Adani Group declined to comment.

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The move is another effort by the port-to-power conglomerate to restore investor confidence after a Hindenburg Research report in January accused it of fraud, and led to a rout of more than $100 billion in its shares and bonds. The group has repeatedly denied the US-based short-seller’s allegations.

Adani Transmission had 35 billion rupees of cash as of December 2022, which is adequate to fund existing obligations, Anil Sardana, managing director said in a February conference call.

Adani Ports & Special Economic Zone Ltd., a unit of Adani Group, said last month it plans to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four quarters.

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