Aban Offshore Q1 net dips 10%; to raise $400 mn

Drilling and oil services firm Aban Offshore today said its consolidated net profit declined by 10.34 per cent to Rs 110.8 crore for the first quarter ended June 30, 2009, over the same period last year.     

Total income increased to Rs 803.4 crore in the latest quarter, as against Rs 770.2 crore in the same period in the previous fiscal, Aban Offshore said in a filing to the Bombay Stock Exchange(BSE).     

On the standalone basis, the company has posted a growth of 11.04 per cent in its net profit of Rs 79.49 crore for the quarter under review, against net profit of same period in the previous fiscal.

Total income has increased to Rs 344.2 crore in the quarter ended June, against Rs 271.4 crore in the same quarter previous fiscal.     

In a separate filing to the BSE, the board of directors have approved to raise $400 million (nearly Rs 1,923.6 crore) by issue of Foreign Currency Convertible Bond (FCCB), American Depositary Receipt (ADR) and Global Depositary Receipt (GDR) from international market.     

The board has also approved to raise Rs 2,500 crore by way of private placement of shares with qualified institutional buyers, the filing said.     

The above proposal are subjected to the shareholders approval, it added.