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Our Bureau

Chennai , Jan 3

Aban Offshore, through its Singapore-based subsidiary, has raised its stake in the Norwegian company Sinvest ASA from 40 per cent to 50.01 per cent, mainly by purchasing shares from First Securities ASA and ICICI Bank, UK.

In all, Aban Singapore Pte Ltd has purchased 60-odd lakh shares of Sinvest, paying Rs 953 per share. The consideration works out to Rs 580 crore. First Securities and ICICI Bank, UK, were holding 8.4 per cent in Sinvest on behalf of Aban under a `Total Return Swap' agreement. Aban is in the process of taking over Sinvest through its Singapore subsidiary, a special purpose vehicle.

Norwegian authorities had, upon determining that First Securities and ICICI Bank, UK, were `persons acting in concert' with Aban, directed Aban to make an open offer for the remaining Sinvest shares, or to cap its stake at 40 per cent.

Aban recently said it had chosen to make an open offer. Aban Singapore has lined up various options for raising the required resources and an initial public offering in Singapore is one of them.

More Stories on : Mergers & Acquisitions | Petroleum

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