Aban Offshore: Rs.281 cr preference shares unredeemed since 2014

Debt restructuredCredit & Debt View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-2.0%Reaction day

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prior close

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announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.7%-2.7% vs market

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AI summary

Aban Offshore disclosed that Rs.281 crore non-convertible redeemable preference shares (Rs.20 cr unlisted) remain unredeemed since 2014 and are under suspension. Axis Bank allegedly used company's current account balance of Rs.18 cr without consent against preference dues. Company booked the set-off as on 31 March 2026. Company is currently undergoing Corporate Insolvency Resolution Process (CIRP).

Likely market impact

Negative for shareholders — long-pending default on preference shares and ongoing insolvency resolution expose equity to resolution plan risk and dilution.