Aban Offshore plans to raise $400 mn

Chennai-based oil rig company Aban Offshore Ltd has informed the BSE that the company is planning to raise around $400 million and issue of related securities to qualified institutional buyers (QIBs) upto to Rs 2500 crore.

While company officials were not available for comment, in an announcement to BSE said that company’s Board of Directors in a meeting held on May 26, 2011, inter alia, had approved raising of additional long term resources through issue of FCCBs, GDRs, ADRs and such others. not exceeding an amount equivalent to $400 million and issue of equity-related securities to QIBs upto Rs 2,500 crore.

Meanwhile, the company’s net profit during the year ended March 31, 2011 has come down by 53.4 per cent to Rs 144.94 crore from Rs 311 crore. The company’s total income came down to Rs 3,373 crore from Rs 3,380 crore.