Aban Offshore to raise funds

Aban Offshore Ltd has announced that the Board of Directors of the Company at its meeting held on July 21, 2008, inter alia, had approved the fund raising plans however subject to approval of members at the ensuing Annual General Meeting.

To increase the Authorised Share Capital from Rs 1000 Crores to Rs 1500 Crores by addition Rs 500 crores of Cumulative Preference Share Capital and corresponding alteration in Memorandum and Articles of Association of Company.

Raising of capital through issue of Cumulative Redeemable Non-convertible Preference Shares on private placement basis and the same need not be offered to the existing holders of such shares.

Raising of additional long term resources through issue of FCCBs, GDRs, ADRs etc. not exceeding amount equivalent to USD 400 Million.

Raising of additional capital through issue of Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities which are convertible into or exchangeable with the equity shares of the Company or other specified securities on preferential basis to qualified institutional buyers upto to Rs 1000 crores.

Source : Equity Bulls

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