Seven Islands Shipping gets Sebi's approval for Rs 450-crore IPO

NEW DELHI: Seven Islands Shipping has received Sebi's go-ahead to raise an estimated Rs 450 crore through an initial public offering, latest update with markets regulator showed. The company had filed draft papers with the Securities and Exchange Board of India (Sebi) in late September and obtained its "observations" on November 10, which is very necessary for any firm to launch public offer. Going by the preliminary papers, Seven Islands Shipping's IPO comprises 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 promoters.