India's Aban Offshore approves up to $400 million convertible bonds

By Devika Patel

Knoxville, Tenn., May 25 - Aban Offshore Ltd. informed the Bombay Stock Exchange that it approved a proposal to issue up to $400 million in foreign currency convertible bonds at a board of directors meeting on May 25.

The company also is considering issuing equity related securities, Global Depositary Receipts and American Depositary Receipts.

Aban is an offshore oil and gas drilling company based in Chennai, India.

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