Aban Offshore Concludes Private Placement

Over in India, Aban Offshore has concluded its qualified institutional placement (QIP) comprises 5,697,135 new shares and raised Rs 675.50 crore (USD 150 million). The offering, managed by Citigroup Global Markets India, was eventually priced at Rs 1224.30. This represents a discount of a mere Rs 11.7 or 1% discount to last Friday’s closing price of Rs 1236. The private placement offer which opened on November 13 and closed on November 17 was well received and oversubscribed. For the existing shareholders, the private placement will result in an immediate equity dilution of nearly 13%.

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