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Aban Offshore kickstarts INR 2,500-Cr QIP

Chennai-based Aban Offshore, the country's largest private sector offshore drilling contractor, has kickstarted its qualified institutional placement (QIP) issue, offering up to INR 2,500 crore to institutional investors. The company has fixed the floor price at INR 731.97 per share.

The funds raised will be utilised for debt-servicing. The company had a term debt of $2.4 billion outstanding as on 31.03. 2014, and it had scheduled to repay the debt in 14 years. Giving out the fresh debt-repayment schedule, Aban, however, said the schedule did not include payments towards working capital facilities, servicing of interest and redemption of preference shares.

Source-On Request