Drilling contractor Aban Offshore has raised 6.98 billion rupees by selling new shares to institutions at 1,224.30 rupees each.

The company would issue up to 5.7 million shares to the institutions, it said in a statement to the BSE.

On Monday, two sources with direct knowledge of the deal told Reuters the details of the sale and added that Citigroup was the sole arranger of the deal.

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