2016-17 Quarter 3 announcements
January 2, 2017
a) Sale of 59% of Equity Shares held by Aban Offshore Limited in Aban Green Power Private Limited and Radhapuram Wintech Private Limited - subsidiaries of Aban Offshore Limited.
b) Acquisition of Equity Shares in Aban Drilling Services Private Limited.
a) Please refer to our letter dated 29th September 2016 wherein we have informed the Sale of 59 % equity shares held by Aban Offshore Limited in Aban Green Power Private Limited and Radhapuram Wintech Private Limited – subsidiaries of Aban Offshore Limited.
b) Please refer to our letter dated 16th December 2016 wherein we have informed the acquisition of 49 % equity shares by Aban Offshore Limited in Aban Drilling Services Private Limited.
16 December, 2016
At the meeting of Committee of Directors held today, it was decided to invest 49% in the equity shares of Aban Drilling Services Private Limited.
The details as required under Regulation 30 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD4/2015 dated 9th September, 2015 are as under:
| 1 | Name of the Target Company | Aban Drilling Services Private Limited |
| 2 | Size and Turnover | Newly incorporated Company with paid up capital of Rs.50,000/- (5,000 equity shares of Rs.10/- each) |
| 3 | Whether the acquisition would fall within related party transaction. | Yes |
| 4 | Whether the promoter/promoter Group companies have any interest in the entity. If yes, nature of interest and details thereof and whether the same is done at arms length | Yes. One of the member of the Promoter group of Aban Offshore Limited is the Promoter of Aban Drilling Services Private Limited with a holding of 4,800 equity shares of Rs.10/- each of the company. The valuation is done on arms length basis. |
| 5 | Objects and effects of acquisition | To explore opportunity in Deep Water Drilling. |
| 6 | Brief details of any governmental or regulatory approvals required for the acquisition. | Not Applicable |
| 7 | Indicative time period for completion of the acquisition | On or before 31st December, 2016 |
| 8 | Nature of consideration | Cash |
| 9 | Cost of acquisition or the price at which shares are acquired | Rs.10/- per equity share |
| 10 | Percentage of shareholding/Control acquired or number of shares acquired. | 4900 equity shares being 49% of the Paid-up Capital. |
| 11 | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence. | The Company was incorporated on 24th November, 2016. The registered office of the Company is in Chennai. The Company has not commenced commercial operations. |
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05 Dec, 2016
In accordance with Rule 6 (3) of IEPF Authority (Accounting, Audit, Transfer and Refund ) Rules, 2016 and pursuant to Regulations 30 & 47 of SEBI( Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing copies of notice published in “ Business Standard ” and “ Makkal Kural ” – Tamil Edition on Saturday (i.e 3rd December 2016) in connection with the proposed transfer of Equity shares in respect of which dividend unpaid / unclaimed for the last seven years to the IEPF Suspense Account.
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03 November,2016
There will be an Analyst / Investors call on the financial results for the Second quarter and half year ended 30th September 2016 on Monday,7th November 2016 at 04:00 pm (IST). Please click here for the details of the call.
27 Oct,2016
A Meeting of Board of Directors of the Company will be held on Monday, the 7th Nov 2016 to transact the following items.
· To consider and take on record the Unaudited Quarterly Standalone Financial Results of the Company for the period ended 30th September, 2016.
· To consider and take on record the Unaudited Quarterly Consolidated Financial Results of the Company for the period ended 30th September, 2016.
Further, the trading window will be closed from October 28, 2016 to November 7, 2016 (both days inclusive) in connection with the approval of the financial results and shall reopen after the expiry of 48 hours from the time of publication of results.