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.