Aban Offshore to raise $400 million via various routes

Aban Offshore has received its board’s approval to raise $400 million via issue of Foreign Currency Convertible Bond (FCCB), Global Depositary Receipt (GDR), American depositary receipt (ADR) etc. The company will also issue equity related securities to qualified institutional buyers upto Rs 2500 crore.

The company’s board gave approval for the same at the meeting held on May 30, 2012.

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.