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

By Tali David

Minneapolis, May 28 - Aban Offshore Ltd. informed the Bombay Stock Exchange that its board of directors approved the raising of additional long term resources through the issuance of up to $400 million of foreign-currency convertible bonds, global depositary receipts and American Depositary Receipts, according to a notice.

The board also approved the issue of equity related securities to qualified institutional buyers up to Rs. 25 billion.

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

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