Aban Offshore surges as arms redeem bonds worth Rs 1,335 crore

The stock rallied 7% to Rs 514 on back of heavy volumes.

Aban Offshore has surged 7% to Rs 514 on BSE on back of heavy volumes after the company said two of its subsidiaries have redeemed bonds worth Rs 1,335 crore issued by them.

“Deep Drilling 7 Pte Ltd and Deep Drilling 8 Pte Ltd, wholly owned step-down subsidiaries of the company, have redeemed the outstanding bonds issued by them having an aggregate principal amount of $ 216 million [equivalent to Rs 1,335 crore] along with accrued interest on the due date i.e. March 5, 2015,” Aban Offshore, the company engaged in exploration and production business said in a BSE filing.

The stock opened at Rs 479 and touched a high of Rs 520 on BSE. Till 1206 hours, a combined 5.77 million shares changed hands against an average sub two million shares that were traded daily in past two weeks on BSE and NSE.