Aban Offshore to raise $1 billion via GDR, share sale to QIB

Aban Offshore Ltd, India's largest offshore drilling service contractor in the private sector, on Thursday said it would raise $1 billion (about Rs4,422 crore) through issue of GDRs in the international markets and issue of shares to qualified institutional buyers (QIB).

The company said it has receives shareholders' approval for raising around $1 billion through GDR and QIP.

The company is planning to use the proceeds from the issue to repay its part of the debt, which is currently around Rs15,200 crore, reports CNBC-TV18.

The shareholders have approved the proposal to raise $400 million (Rs1,922 crore) from international markets and Rs2,500 crore by issuing shares to qualified institutional buyers, Aban Offshore said in a filing with the Bombay Stock Exchange (BSE).

The company plans to raise $400 million (nearly Rs1,922 crore) through issue of foreign currency convertible bonds, global depository receipts and American depository receipts from international markets, the filing added.

Further, the company would also raise Rs2,500 crore by allotting shares to potential buyers on private placement basis, it said.