Aban Offshore up 3% on acquisition of 49% stake in Aban Drilling

Moneycontrol BureauShares of Aban Offshore rose 3.6 percent intraday Monday on acquisition of 49 percent stake in Aban Drilling Services.Aban Drilling Services is a newly incorporated company with a paid-up capital of Rs 50000 and has not commence commercial operations.With this acquisition, the company will explore opportunity in deep water drilling.One of the promoter of the company is a promoter of Aban Drilling, which is holding 4800 equity shares of the company. The said acquisition will get completed on of before December 31, 2016.At 09:52 hrs Aban Offshore was quoting at Rs 246.10, up Rs 7.30, or 3.06 percent on the BSE.Posted by Rakesh Patil