Aban Offshore OKs up to $400 million foreign-currency convertibles

By Toni Weeks

San Diego, May 26 - Aban Offshore Ltd. informed the Bombay Stock Exchange that on Thursday its board of directors approved plans to issue up to $400 million of foreign-currency convertible bonds, subject to the approval of members at the next annual general meeting.

The company will also consider issuing Global Depositary Receipts and American Depositary Receipts.

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

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