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Aban Offshore to raise funds not exceeding $400 million

29 May 2013 Evaluate

Aban Offshore has received an approval for raising additional long term resources through issue of FCCBs, GDRs, ADRs etc. not exceeding amount equivalent to $400 million. The board of directors at its meeting held on May 28, 2013 has approved for the same. The board also approved issue of equity related securities to qualified institutional buyers (QIB) up to Rs 2,500 crore.

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.

Peers
Company Name CMP
ONGC 225.50
Oil India 444.40
Jindal Drilling&Inds 585.60
Deep Industries 745.85
Asian Energy Service 458.45
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