Aban Offshore Limited has formally notified stock exchanges that it does not qualify as a Large Corporate under SEBI's regulatory framework for debt securities issuance. The company, currently undergoing Corporate Insolvency Resolution Process (CIRP), submitted this disclosure on April 02, 2026, to both BSE and NSE.

Credit Rating Status

The company's non-qualification stems from its current credit rating status. Aban Offshore holds a CARE D rating with "Issuer Not Cooperating" designation for both long-term bank facilities and long-term instruments. This rating classification exempts the company from the Large Corporate requirements specified under Chapter XII of SEBI's operational circular dated August 10, 2021.

Outstanding Borrowings Disclosure

As part of the regulatory disclosure, Aban Offshore provided details of its financial position as of March 31. The company reported outstanding borrowings of Rs. 281 crores, with specific clarifications about the nature of these obligations.

Regulatory Compliance Framework

The SEBI circular referenced in the disclosure pertains to fund raising through issuance of debt securities by large corporates. Under this framework, companies meeting specific criteria must comply with enhanced disclosure requirements and borrowing norms. Aban Offshore's current credit rating status places it outside the scope of these requirements.

Shailesh Desai, the Resolution Professional overseeing the CIRP process, signed the disclosure documents. His IBBI registration number IBBI/IPA-001/IP-P00183/2017-18/10362 was included in the official communication to the exchanges.

Corporate Status and Implications

The company's status as undergoing CIRP reflects its current financial restructuring process under the Insolvency and Bankruptcy Code. The disclosure confirms that Aban Offshore will not be subject to the enhanced regulatory requirements applicable to Large Corporates, given its current credit profile and rating status.

The formal notification to stock exchanges ensures regulatory compliance and provides clarity to stakeholders regarding the company's obligations under SEBI's debt securities framework. This disclosure forms part of the ongoing transparency measures during the insolvency resolution process.

Aban Offshore Limited has disclosed significant outstanding preference share obligations while undergoing Corporate Insolvency Resolution Process (CIRP). The company made the disclosure pursuant to regulatory requirements under SEBI (LODR) Regulations, 2015.

Outstanding Preference Shares Details

The company has disclosed substantial outstanding Non-Convertible Redeemable Preference shares that have remained unredeemed for nearly a decade. The disclosure provides specific details about the nature and status of these financial obligations.

Corporate Insolvency Resolution Process

Aban Offshore Limited is currently undergoing CIRP under the provisions of the Insolvency and Bankruptcy Code. The process was initiated following an order from the Hon'ble National Company Law Tribunal (NCLT) dated September 1, 2025.

Shailesh Desai is serving as the Resolution Professional for the company, holding IBBI Registration No. IBBI/IPA-001/IP-P00183/2017-18/10362. The disclosure was made under his authority as the appointed Resolution Professional.

Regulatory Compliance

The disclosure was made to BSE Limited pursuant to Regulation 57(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates specific disclosures regarding preference shares by listed companies.

The company's scrip code on BSE is 523204. The disclosure was submitted through BSE Listing Centre on April 2, 2026, ensuring compliance with regulatory timelines and requirements during the ongoing insolvency resolution process.