<b>Format of Initial Disclosure to be made by an entity identified as a Large Corporate.</b><br/><br/> <table border=''1px''><tr> <td><b>Sr. No.</b></td> <td><b>Particulars</b></td> <td><b>Details</b></td> ....
Awaiting price reaction for this filing.
Aban Offshore Limited, currently under Corporate Insolvency Resolution Process (CIRP) per an NCLT order dated 1st September 2025, has submitted its initial disclosure to BSE and NSE. The company states it does not qualify as a "Large Corporate" under SEBI's August 2021 operational circular, citing its poor credit ratings — CARE D (Issuer Not Cooperating) for both Long Term Bank Facilities and Long Term Instruments from CARE Ratings Limited. Outstanding borrowings stand at Rs. 281 crores, consisting solely of Non-Convertible Redeemable Preference Shares (NCRPS), of which Rs. 20 crores are unlisted. The NCRPS have been overdue for redemption since 2014. The disclosure was signed by Shailesh Desai, Resolution Professional (IBBI Registration No. IBBI/IPA-001/IP-P00183/2017-18/10362).
Aban Offshore is in insolvency proceedings, has a distressed credit rating, and carries Rs. 281 crore in overdue preference share obligations since 2014 — indicating severe financial distress and low likelihood of recovery for existing shareholders.