MUMBAI: The Seven Islands Shipping Ltd, India’s third-largest seaborne logistics company, has filed its draft red herring prospectus with the Securities and Exchange Board of India today to raise Rs 600 crore through an initial public offering.
The issue comprises Rs 400 crore of fresh issue of equity shares and Rs 200 crore worth of offer for sale by FIH Mauritius Investment, Thomas Pinto and Leena Pinto.
The company aims to utilise the proceeds from the fresh issue of equity share for purchase of one very large crude container, better known as VLCC, and a medium-range vessel for a combined cost of Rs 352.4 crore.