 "Aban Offshore plans to raise around $400 million through FCCBs, GDRs")
Aban Offshore is planning to raise around $400 million through FCCBs, GDRs and another Rs 2,500 crore through QIB (qualified institutional buyers).
In an announcement to the Exchange, the company said the Board of Directors has approved the company's plan to raise additional long-term resources through the issue of FCCBs, GDRs, ADRs, etc., not exceeding the amount equivalent to $400 million.
The company has also got the nod to issue equity-related securities to qualified institutional buyers up to Rs 2,500 crore.
Aban Offshore has reported 784% growth in net profit at Rs 104.89 crore for the quarter ended March 31, 2016, compared with Rs 11.87 crore for the quarter ended March 31, 2015.
However, consolidated net loss widened to Rs 119.80 crore for the quarter ended March 31, 2016, compared with Rs 88.73 crore in the preceding quarter.
Total income has increased from Rs 182.94 crore for the quarter ended March 31, 2015, to Rs 289 crore for the quarter ended March 31, 2016. The company's consolidated revenue stood at Rs 629.30 crore, down 36.52% yoy and 14.22% qoq.
