You are here: Home » Companies » News
Business Standard

Logistics firm Seven Islands files for Rs 600 crore public issue

The firm said it has filed papers with markets regulator Sebi for a public offering to raise up to Rs 600 crore

Topics
Seven Islands Shipping IPO | logistics sector | initial public offering (IPO)

Press Trust of India  |  New Delhi 

IPO, shares, company, firms, market
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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 16 2021. 18:49 IST
RECOMMENDED FOR YOU