Aban returns into green on plans of raising additional funds

Aban Offshore is currently trading at Rs 696.00, up by 7.70 points or 1.12% from its previous closing of Rs. 688.30 on the BSE.

The scrip opened at Rs 699.00 and has touched a high and low of Rs 715.50 and Rs. 695.00 respectively. So far 222385 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs 1679.50 on 05-Oct-2009 and a 52 week low of Rs 631.70 on 13-Jul-2009.

Last one week high and low of the scrip stood at Rs 765.00 and Rs. 650.00 respectively. The current market cap of the company is Rs. 3059.39 crore.

The promoters holding in the company stood at 52.91% while Institutions and Non-Institutions held 24.06% and 23.04% respectively.

India’s largest offshore drilling contractor in the private sector, Aban Offshore has received its board’s approval to raise additional long term resources up to $400 million through issue of Foreign Currency Convertible Bonds (FCCBs), Global Depositary Receipts (GDRs), American Depositary Receipt (ADRs) etc.

The company’s board gave its approval for the same at its meeting held on May 25, 2010.

Further, the board has approved the issue of equity related securities to qualified institutional buyers upto to Rs 2500 crore.

Aban Offshore is India’s largest drilling entity in the private sector offering world class drilling and other services. It provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.