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Seven Islands Shipping receives SEBI’s approval to raise Rs 600 crore via IPO

Seaborne logistics firm Seven Islands Shipping has secured markets regulator Sebi’s approval to raise Rs 600 crore through an initial share-sale. The public issue includes a fundraise through a fresh issue amounting to Rs 400 crore, and an offer for sale totaling up to Rs 200 crore, as per the draft red herring prospectus filed with Sebi.

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

Seaborne logistics company, which filed preliminary papers with Sebi in February, received its observation on March 22, the latest update with the Securities and Exchange Board of India (Sebi) revealed.

Sebi’s observation is essential for any company to roll out public issues like initial public offer (IPO), follow on public offer (FPO), and rights issue.

The company plans to use the net proceeds raised from the fresh issue to procure a large crude carrier vessel and one medium-range vessel from the secondary market at an expected expense of Rs 352.43 crore.

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

As stated in the draft papers, the portion reserved for qualified institutional buyers will be up to 50 percent of the offer, and non-institutional investors will have up to 15 percent of the portion reserved. Up to 35 percent will be reserved for the retail investors.

The company began its operations in 2003 with one vessel and presently has 20 Indian-flagged and Indian-owned liquid cargo vessels with a total deadweight tonnage capacity of 1,105,682 MT.

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

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