Seven Islands Shipping, the third-largest seaborne logistics company in India has filed its draft red herring prospectus (DRHP) with the capital market regulator SEBI for its maiden public offer.
The Maharashtra based company plans to raise Rs 600 crore through its public issue which comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of Rs 200 crore.
The offer for sale comprises a Rs 100 crore worth of shares selling by FIH Mauritius Investments, Rs 85.642 crore shares by Thomas Wilfred Pinto, and Rs 14.358 crore worth of shares by Leena Metylda Pinto.
Seven Islands Shipping will utilize fresh issue proceeds to acquire a very large crude carrier vessel and one medium-range vessel from the secondary market at an estimated expense of Rs 352.43 crore.
