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Seven Islands shipping to raise funds through IPO to finance the purchase of very large crude carrier/

Seven Islands Shipping has filed preliminary papers with Sebi to raise Rs 450 crore through an initial public offering, draft papers filed with markets regulator showed.

The IPO comprises a fresh issue of shares worth Rs 200 crore, besides a sale of scrips to the tune of Rs 250 crore by private investor Wayzata Investment Partners and the promoters.

Funds raised through the issue will be used to buy a very large crude carrier and for other general corporate purposes.

Edelweiss Financial Services is the sole book running lead manager to the issue. The shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

Seven Islands Shipping is a liquid sea-borne logistics company and operates under two categories crude oil trade and liquid products trade that includes white oils, black oils, and lube oil.

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