Chennai, Nov 18 (IANS) City-based oil drilling company Aban Offshore Wednesday said it planned to raise Rs.697.5 crore through the qualified institutional placement (QIP) route.

In a regulatory statement to the Bombay Stock Exchange, the company said its shareholders had in September given it the nod to raise up to Rs.2,500 crore through the QIP route and $400 million by issuance of global depository receipts (GDR).

The company board Tuesday closed the bid period and approved allotment of around 5.7 million shares at Rs.1,224.30 each.

The private placement offer bid opened Nov 13.