Fairfax eyeing partial exit from Seven Islands Shipping via proposed IPO
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Logistics firm Seven Islands Shipping filed for an initial public offering (IPO) worth Rs 600 crore on Tuesday.

The IPO comprises fresh share issuance of up to Rs 400 crore and an offer for sale worth Rs 200 crore, according to the draft red herring prospectus.

As part of the secondary sale of shares, the company’s largest shareholder, FIH Mauritius Investments Ltd, will sell shares worth up to Rs 100 crore to make a partial exit.

Also, promoters Thomas Wilfred Pinto and Leena Metylda Pinto will be selling shares worth Rs 85.64 crore and Rs 14.36 crore, respectively.

As on March 31, 2020, FIH, wholly owned subsidiary of Toronto-listed vehicle of Canadian billionaire Prem Watsa, Fairfax India Holdings Corporation, held 2.78 crore shares representing 48.54% stake in the company.

FIH had first invested Rs 500 crore in March 2019 to acquire a 41.4% stake at a valuation of about Rs 1,208 crore ($175 million).

It later invested Rs 85 crore in November that year to acquire an additional 7% stake.

Apart from Seven Islands, Fairfax also owns about 51% stake in Saurashtra Freight Pvt. Ltd.

Fairfax’s other key infrastructure bets include Bangalore International Airport Ltd (BIAL), in which it owns a majority stake of 54%, Capacit’e Infraprojects, and Anchorage Infrastructure Investments Holdings Ltd.

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