Seven Islands Shipping files Rs 4.5 billion IPO papers with SEBI

Seven Islands Shipping has filed preliminary papers with SEBI to raise Rs 4.5 million through an IPO. The IPO comprises a fresh issue of shares worth Rs 2 billion besides a sale of shares worth Rs 2.5 billion by American private investor Wayzata Investment Partners and its promoters. Funds raised through the issue will be used to buy a very large crude carrier and for general corporate purposes.