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Aban Offshore spikes as Central Bank withdraws insolvency petition

The company earlier in August had notified about signing an agreement. As per the terms of the settlement agreement, the company agreed to pay outstanding principal of Rs 121.78 crore.

September 12, 2022 / 01:04 PM IST
 
 
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Shares Aban Offshore, an offshore drilling services provider, jumped sharply after the company said an insolvency petition has been withdrawn against it.

“Pursuant to the execution of settlement agreement with Central Bank of India and payment having been made accordingly, application filed by Central Bank of India against the Company,” said Aban Offshore in a regulatory filing.

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Shares of the company climbed more than 7 percent to Rs 58.50. Its shares have gained 13 percent so far this year.

The company earlier in August had notified about signing an agreement. As per the terms of the settlement agreement, the company agreed to pay outstanding principal of Rs 121.78 crore.

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“Upon full payment of the settlement amount in accordance with the agreement, the bank will release all the security, claim, charges, pledge or similar nature in relation to the credit facilities,” the company had said.

The company provides its services to oil companies who are drilling seabed to extract oil.
first published: Sep 12, 2022 01:04 pm
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