Aban Offshore fixes Conversion Price for FCCB as Rs.2789.04

Aban Offshore Ltd has announced that this has reference to the Japanese Yen (JPY) 11.61 Billion Foreign Currency Convertible Bonds (FCCB) equivalent to US$ 100 Million issued by the Company in April 2006. As per the terms of issue the Bondholders shall have right to convert the Bonds into equity shares on or after April 19, 2007 and upto and including April 08, 2011.

The Conversion Price (CP) of FCCB of JPY 11.61 Billion equivalent to US$ 100 million has been fixed at Rs 2789.04 per Equity Share of Rs 2/- each fully paid up. The price has been determined at 1.4 times of the volume weighted average price of the Company's equity share traded on the National Stock Exchange of India Ltd during the 30 Trading days commencing from February 28, 2007 and ending on April 12, 2007.

The stock was trading at Rs.2270, down by Rs.17.20 or 0.75%. The stock hit an intraday high of Rs.2328 and low of Rs.2232. The total traded quantity was 30269 compared to 2 week average of 38946.

Source : Equity Bulls

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