Aban Offshore to consider fund raising on May 29, shares up
Private offshore drilling contractor Aban Offshore shares gained one percent Wednesday after the company said it would consider raising long term funds on May 29.
Moneycontrol Bureau
Private offshore drilling contractor Aban Offshore shares gained one percent Wednesday after the company said it would consider raising long term funds on May 29.The board of directors of the company will approve audited quarterly standalone and consolidated financial results for the period ended March 31, 2013 and recommendation of dividend."The board will also consider raising of long term funds through issue of FCCBs, ADRs, GDRs and issue of equity related securities, etc. to qualified institutional buyers," the company said in a release sent to exchanges.Aban signed a contract for the deployment of the jack-up rig Deep Driller 7 (owned by the company's step down subsidiary) Offshore Mexico for a firm period of 1005 days, ending December 31, 2015. "The estimated revenues from the deployment are about USD 152 million (equivalent to approximately Rs 828 crore)."At 10:12 hours IST, the stock was quoting at Rs 334.00, up 1.04 percent on Bombay Stock Exchange. It rallied nearly 22 percent in last 15 days. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
