Aban Offshore allots preference shares worth Rs.40 Crores on Private Placement Basis

Aban Offshore Ltd has announced that allotment of Non-Convertible Cumulative Redeemable Preference Shares of Rs 10/- each for cash at par ("Securities") aggregating to Rs 40 Crores on Private Placement Basis.

The following Cumulative Redeemable Preference Shares have been allotted on March 01, 2007:

1. Punjab National Bank - 2,00,00,000 No of Shares

2. Indian Overseas Bank - 1,00,00,000 No of Shares

3. Canara Bank - 1,00,00,000 No of Shares

Further the Company has informed that, the said Cumulative Redeemable Preference Shares carries 9% p.a. Dividend and are redeemable at the end of fifth year with a Call option at the end of third year from the date of allotment.

Source : Equity Bulls

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