Aban Offshore plans to raise $400 mn through FCBs, GDRs.

Offshore drilling services provider Aban Offshore Ltd. got its Board approval to raise $400 million through FCCBs, GDRs and other modes. Company's Board also gave nod to raise Rs. 2,500 crore through qualified institutional buyers (QIBs)

The company recently informed BSE that the Board of Directors of the Company at its meeting held on May 28, 2014, had approved, subject to approval of shareholders approval at the ensuing Annual General Meeting, raising of additional long term resources through issue of FCCBs, GDRs, ADRs etc. not exceeding amount equivalent to $ 400 million.

The Board also gave nod to raise upto Rs. 2,500 crore by issue of equity related securities to qualified institutional buyers.

Aban Offshore Ltd has reported a net profit of Rs. 132.2 crore during the quarter ended March 31, 2014 as compared to Rs. 6.5 crore,a year ago. Total income rose to Rs. 256 crore from Rs. 195.9 crore, up by 30%. Revenue from the drilling increased to Rs. 251.8 crore from Rs. 194.2 crore.

BS