Aban Offshore says efforts to raise $ 200 Mn through QIP have failed
2009 November 5
Aban Offshore says efforts to raise $ 200 Mn through QIP have failed: Sources
Aban Offshore (BOM:523204) said that the efforts to raise $ 200 million through QIP have failed, reports CNBC-TV18 quoting sources. The management is unwilling to dilute at current prices, not below Rs 1600/sh. The company is now considering selling of 2 idle rigs from the deep driller series, which could yield close to $ 350 million. Rest of the payment could come by way of internal accruals, the company added.
Aban Offshore needs to make a payment of $ 410 million by December 2009. Aban has done with the debt restructuring. Principal moratorium is for 2 years.
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