Aban Offshore net profit down 28%

The company has received Board approval to raise $400 million and another Rs 2,500 crore

Offshore drilling service provider Aban Offhsore Ltd has posted a drop of 28.4% in net profit for the quarter ended March 31, 2015, at Rs 114.56 crore as compared to the net profit of Rs 159.9 crore registered during the same quarter of previous fiscal year on a consolidated basis. The total income stood at Rs 991.38 crore for the quarter, as against Rs 1051.78 crore during the corresponding quarter of previous fiscal year, registering a drop of 5.74%.

The company today said that the Board of Directors, at their meeting, approved raising of additional long term resources of an amount not exceeding $400 million through issue of Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts (GDRs), American Depositary Receipts (ADRs) etc. Besides, it also approved issue of equity related securities to qualified institutional buyers up to Rs 2,500 crore.

The company has to get approval from its share holders in the next Annual General Meeting for the same. It may be noted that the company has been taking approval from the share holders in past few annual general meetings to raise the same amount, both through FCCBs, GDRS, ADRs and from the QIPs.