Aban Offshore is reportedly planning to raise around $500 million by listing its Singapore subsidiary. The company will use the raised fund to repay part of its debt, which is currently around Rs 14,000 crore. Meanwhile, the company would save around Rs 60-70 crore every year, since it has converted major chunk of its loans into dollar-denominated ones from Rupee.
Instead of the 10-year tenure, as scheduled earlier, the company has restructured the tenure to 15 years. Aban had $2.4-billion term-debt on its books on March 31, 2014, which included foreign currency term-loans raised from a slew of banks as well as bonds.
Aban Offshore (formerly Aban Loyd Chiles Offshore) is India’s largest offshore drilling services provider to oil companies, mainly for ONGC. It is a company which provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.
| Company Name | CMP |
|---|---|
| ONGC | 283.95 |
| Oil India | 470.10 |
| Jindal Drilling&Inds | 540.15 |
| Deep Industries | 476.90 |
| Asian Energy Service | 306.05 |
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