Aban Offshore jumps after subsidiaries redeem outstanding bonds

Aban Offshore jumped 7.18% to Rs 515 at 11:30 IST on BSE after the company's two wholly owned step-down subsidiaries have redeemed the outstanding bonds issued by them.

The announcement was made before market hours today, 5 March 2015.

Meanwhile, the BSE Sensex was up 39.82 points, or 0.14%, to 29,420.55.

On BSE, so far 7.73 lakh shares were traded in the counter, compared with an average volume of 3.71 lakh shares in the past one quarter.

The stock hit a high of Rs 517.85 and a low of Rs 474.25 so far during the day. The stock hit a 52-week high of Rs 939.90 on 8 July 2014. The stock hit a 52-week low of Rs 390.40 on 17 December 2014.

The stock had underperformed the market over the past one month till 4 March 2015, falling 2.17% compared with 1.72% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.56% as against Sensex's 2.86% rise.

The mid-cap company has an equity capital of Rs 11.55 crore. Face value per share is Rs 2.

Aban Offshore said that "Deep Drilling 7 and Deep Drilling 8 " 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 1335 crore) alongwith accrued interest on the due date (i.e) 5 March 2015.

Aban Offshore's consolidated net profit rose 61.9% to Rs 129.99 crore on 1% rise in total income to Rs 1016.45 crore in Q3 December 2014 over Q3 December 2013.

Aban Offshore offers a diverse range of offshore drilling services to clients in India and abroad.

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