India's Aban Offshore surges after settlement agreement with creditor

Aban Offshore

25/08/2022 07:02

** Shares of drilling services provider Aban offshore Ltd
 ABAN.NS  rise as much as 20% to 57.05 rupees in their biggest
intraday pct gain since June 7
    ** ABAN said it entered into a settlement agreement with
Central Bank of India  CBI.NS , one of its financial creditors,
on Wednesday  urn:newsml:reuters.com:*:nFWN3001WM
    ** Co agreed to pay outstanding principal of 1.22 bln rupees
($15.28 mln) and the bank will release all the security, claim,
charges, pledge or anything of similar nature
    ** ABAN posted a smaller June-quarter consolidated loss of
2.13 bln rupees on Aug. 3, vs a loss of 2.56 bln rupees a year
ago  urn:newsml:reuters.com:*:nFWN2ZF2J1 
    ** More than 1.9 mln shares traded by 0514 GMT, vs the
30-day average of about 159,963 shares
    ** Shares down 3.35% YTD, as of last close


($1 = 79.8180 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))