Aban Offshore opens bids for Rs 1,000-cr QIP issue

Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.

The committee of the company's board also approved the floor price of Rs 1,224.28 per equity share for the proposed QIP issue and fixed November 13 as the date for it, in accordance with Sebi rules.

The committee of the board took these decisions at its meeting today, Aban Offshore said in a filing to the Bombay Stock Exchange (BSE).

The company also authorised the committee to decide on the appropriate date for closing the bids, it said.

The committee further approved the draft preliminary placement document in relation to the allotment of equity shares of Rs 2 each for an amount of Rs 1,000 crore to qualified institutional buyers, it said.

The company, which is also engaged in the business of wind-power generation, possesses 20 offshore assets including 15 jack-up offshore drilling rigs.

Shares of the company closed at Rs 1,234.75, up 0.46 per cent from previous close on the BSE.