Aban Offshore Ltd opens QIP issue

Subsequent to the approval accorded by the Board of Directors of Aban Offshore Ltd, at its meeting held on May 28, 2013 and May 28, 2014 and the approval of the shareholders of the Company by way of special resolution dated September 20, 2013 for the QIP, Capital Issue Committee of the Company on June 30, 2014, has passed resolutions in connection with the QIP issue.

The Board approved authorizing the opening of the QIP on June 30, 2014. The Board passed resolution approving and adopting the preliminary placement document dated June 30, 2014 in connection with the QIP, (the "Preliminary Placement Document"). Further, the Company has filed the preliminary placement document dated June 30, 2014 with the stock exchanges.

The Board also gave its approval for the floor price for the QIP.

The "Relevant Date" for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is June 30, 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs. 731.97 per Equity Share.

Shares of ABAN OFFSHORE LTD. was last trading in BSE at Rs.760.85 as compared to the previous close of Rs. 760.45. The total number of shares traded during the day was 298879 in over 18036 trades.

The stock hit an intraday high of Rs. 771 and intraday low of 746.9. The net turnover during the day was Rs. 227620455.

Source : Equity Bulls

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