Aban Offshore to raise up to $400 million via various instruments

Offshore drilling contractor Aban Offshore proposed to raise long-term resources of up to $400 million through various instruments and its Board also gave its approval for the same, the company said on Monday.

"The Board of Directors of the company at its meeting had approved raising of additional long-term resources through issue of FCCBs (foreign currency convertible bond), GDRs (global deposit receipt), ADRs not exceeding amount equivalent upto $400 million", the company said in a BSE filing.

The Board has further given its approval for re-appointment of two Deputy Managing Directors P Venkateswaran and C P Gopalkrishnanm, as Deputy Managing Directors, respectively, for a period of five years, it said.

Shares of the company ended at Rs 197.25 apiece, downby 3.83 per cent over previous close in BSE.