Disclosure pursuant to Reg 57 of SEBI LODR.
Awaiting price reaction for this filing.
Aban Offshore has informed BSE that its outstanding Non-Convertible Redeemable Preference Shares worth Rs.281 crore (including Rs.20 crore unlisted) have NOT been redeemed since 2014 and remain under suspension. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, and the disclosure is signed by the appointed Resolution Professional rather than the company's management.
This is a negative signal for shareholders and debenture/preference shareholders. The unresolved redemption of over Rs.281 crore in preference shares for more than 11 years, combined with the company being under CIRP, signals deep financial distress and a very uncertain recovery for equity and preference shareholders. Expect continued stock price pressure and trading suspension in these instruments.