Aban Offshore spurts after subsidiary plans amendments to its bond agreement

Aban Offshore rose 4.42% to Rs 254.20 at 9:43 IST on BSE after the company said its subsidiary is considering certain amendments to the bond agreement dated 20 December 2011.

The announcement was made after market hours yesterday, 7 October 2015.

Meanwhile, the BSE Sensex was down 55.04 points, or 0.20%, to 26,980.81.

On BSE, so far 3.72 lakh shares were traded in the counter, compared with an average volume of 4.16 lakh shares in the past one quarter.

The stock hit a high of Rs 257.60 and a low of Rs 243.45 so far during the day. The stock hit a 52-week high of Rs 674.80 on 5 November 2014. The stock hit a 52-week low of Rs 216 on 25 August 2015.

The stock had underperformed the market over the past one month till 7 October 2015, rising 6.61% compared with 8.60% rise in the Sensex. The scrip had also under performed the market in past one quarter, falling 18.56% as against Sensex's 4.03% decline.

The small-cap company has an equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Offshore announced that its wholly-owned step-down subsidiary, Deep Drilling 1 (DD1PL), is considering certain amendments to the bond agreement dated 20 December 2011. Such amendments will include, but is not limited to, the extension of the tenor of the bonds.

On a consolidated basis, Aban Offshore's net profit fell 11.35% to Rs 135.35 crore on 4.46% decline in total income to Rs 989.45 crore in Q1 June 2015 over Q1 June 2014.

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

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