Aban Offshore revises terms of Preference Shares

Aban Offshore Ltd has announced that 9% Preference shares (issued by the Company in 2006) of the aggregate face value of Rs. 55 crores and 40 Crores were due for redemption on December 29, 2011 on February 28, 2012 respectively.

The Company have received the consent from the holders of not less than three fourths of each of the above said classes of preference shares for extension in redemption date by 3 years from the original redemption date and increase in coupon to 10% p.a from the original redemption date. The Company has varied the redemption date and coupon accordingly.

The Aban Offshore Ltd stock closed the day at Rs.434.55, down by Rs.34.85 or 7.42%. The stock hit an intraday high of Rs.474.90 and low of Rs.428.

The total traded quantity was 2.81 lakhs compared to 2 week average of 2.74 lakhs.

Source : Equity Bulls

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