Sinvest stake buy lifts Aban Offshore

DALAL STREET SPIKES

Aban Offshore soared 9 per cent to touch its 52-week high of Rs 1,957.70 before settling for an intra-day gain of 7.93 per cent to close at Rs 1,940.10 over its previous close of Rs 1,797.50. The volumes saw a ten-fold increase, as over 1.09 lakh shares were traded on the counter.

The stock rallied on the company's conclusion of a successful open offer to acquire stake in Norwegian drilling company Sinvest.

Aban Offshore, which owned 40 per cent of Sinvest stake, has now increased it to 97 per cent. Sinvest is a large jack-up drilling company, which owns three premium jack-up drilling rigs.