Business Today
Loading...

Logistics firm Seven Islands files papers for Rs 600 crore IPO

The company said it will utilise the net proceeds raised from the fresh issue to acquire a large crude carrier vessel and one medium-range vessel from the secondary market at an estimated expense of Rs 352.43 crore

twitter-logoPTI | February 16, 2021 | Updated 20:42 IST
The company said it will utilise the net proceeds raised from the fresh issue to acquire a large crude carrier vessel and one medium-range vessel from the secondary market at an estimated expense of Rs 352.43 crore
Representational Image

Logistics firm Seven Islands Shipping on Tuesday said it has filed papers with markets regulator Sebi for a public offering to raise up to Rs 600 crore.

The company said it will utilise the proceeds to buy vessels at a cost of Rs 352.43 crore.

"Sea-borne logistics company Seven Islands Shipping has filed its papers with the regulator for a Rs 600-crore initial public offering," the company said in a statement.

Earlier, the company tried to tap the capital markets in 2017.

"The public issue comprises a fundraise via fresh issue amounting to Rs 400 crore, and an offer for sale aggregating up to Rs 200 crore," it said.

Under the offer for sale, up to Rs 100 crore will be raised by FIH Mauritius Investment, up to Rs 85.64 crore by Thomas Wilfred Pinto, and up to Rs 14.35 crore by Leena Metylda Pinto.

It said the portion reserved for qualified institutional buyers will be up to 50 per cent of the offer, and non-institutional investors will have up to 15 per cent of the portion reserved. Up to 35 per cent will be reserved for the retail investors, it added.

The company said it will utilise the net proceeds raised from the fresh issue to acquire a large crude carrier vessel and one medium-range vessel from the secondary market at an estimated expense of Rs 352.43 crore.

The company said it started its operations in 2003 with one vessel and currently has 20 Indian-flagged and Indian-owned liquid cargo vessels with a total DWT (dead weight tonnage) capacity of 1,105,682 MT.

Over the past 18 years, the company has acquired 40 vessels and sold 20 vessels, it said.

Also Read: Sebi orders forensic audit of SunEdison Infrastructure

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close