India's largest offshore drilling company, Aban Offshore, is concluding a Qualified Institutional Placement today. The company is planning to raise a maximum of Rs. 1,000 crore ($216 million) through the QIP. The funds raised through the issue will be used to repay Aban's debt, which currently stands at about $410 million (Rs. 1,896 crore) and is due by December this year.
The domestic legal counsel to the company was Amarchand Mangaldas, which advised the issue through its Bangalore and Hyderabad offices. The company's in-house legal and compliance issues were handled by the Deputy Managing Director and Company Secretary, C.P. Gopalkrishnan.
Khaitan & Co. acted as the domestic legal advisor to Citigroup Global, the Sole Global Co-ordinator and Book Running Lead Manager, while the Singapore offices of DLA Piper acted as their international legal advisors.