Seven Islands Shipping Files Draft Papers With SEBI:
Shipping company Seven Islands Shipping Ltd has filed its draft proposals with the Securities and Exchange Board of India (SEBI) to float initial public offerings (IPOs).
Seven Islands Shipping, which started operations in 2002, has acquired more than 15 vessels and has operations along the Indian coast, Arabian Gulf and South-East Asia. It operates in two major sub-segments: crude oil trade and liquid products trade.
The company’s clients include Indian Oil Corp. Ltd, Hindustan Petroleum Corp. Ltd and Bharat Petroleum Corp. Ltd, among others.
Seven Islands Shipping IPO comprises of up to 4.5 billion rupees, including fresh issue of 2 billion rupees and offer for sale of 2.5 billion rupees. Edelweiss will be sole bookrunner for IPO.
They are likely to use the funds for purchasing new ships for business expansion and for reducing debt.
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