Latest news with #KrishnarajLal

Business Standard

Shreeji Shipping fixes IPO price band at ₹240-252 for its ₹411 cr IPO

Shipping and logistics solutions provider Shreeji Shipping Global Ltd, which on Monday fixed the price band at Rs 240-252 per share for its Rs 411-crore initial public offering, said the company may look at more overseas ports to expand its marine assets business. The company also said it has received a Letter of Intent (LOI) for setting up floating crane facilities for cargo and container lightening/topping-up at Diamond Harbour and other deep-draft locations under Syama Prasad Mookerjee Port, Kolkata, for 15 years. Earlier, the Jamnagar (Gujarat)-based Shreeji Shipping Global said it has fixed a price band of Rs 240-252 per share for its Rs 411-crore IPO, which will hit the market on August 19. The company said it plans to use Rs 251.2 crore of the IPO proceeds for the acquisition of dry bulk carriers in the supramax category in the secondary market, and Rs 23 crore for repaying debt. "We will be exploring various ports where there is lighterage and minor port operations. So be it West Africa or Bangladesh or anywhere or in developed countries, wherever there is a need for our marine assets, we'll be heading there," Krishnaraj Lal, Director at Shreeji Shipping, told PTI. Globally, the company has its marine assets as per the client's requirements, he said, adding, "We can also build as per their telemetry requirement." Lighterage is the process of transferring cargo from one vessel to another, typically from a larger "mother" vessel to a smaller vessel such as a barge or mini bulk carrier. This ship-to-ship transfer method is used to load or unload cargo efficiently, allowing larger vessels to offload some of their cargo to navigate shallower waters or reach ports with draft restrictions. The company focuses on non-major ports and jetties, particularly along the west coast of India, providing shipping and logistics solutions for dry bulk cargo at various ports and jetties in the domestic market as well as Sri Lanka. As of March 31 this year, it was operating a fleet of over 80 vessels, including barges, mini bulk carriers, tug boats and floating cranes, along with over 370 earthmoving equipment, serving over 20 ports including Kandla, Navlakhi, Magdalla, Bhavnagar, Bedi, Dharmatar and Puttalam Port in Sri Lanka. Leveraging its industry expertise and extensive transportation network, it caters to sectors such as Oil & Gas, Energy & Power, FMCG, Coal and Metals, offering end-to-end single-window services that enhance customer convenience and drive revenue growth. "We are planning to expand with port specific vessels as per the draft restrictions of the ports. We will be expanding our fleet and we'll be constructing the fleet in such a way that it gets accumulated and accommodated in the port but also at the same time the client gets the benefit of economies of scale. " So the overall objective of this IPO is to construct more and more fleets which can reduce the logistic costs of the end user," Lal said. He said that the company was only diluting 10 per cent as of now, and "we are planning to do an added arm by purchasing a few vessels like the Supramax size class of vessels and other coastal vessels and use this fund in building new vessels." "Also, in future, we will be raising funds for making new waterfronts, which can reduce the cost of the industry and create more volumes and its utility also," he said. In addition, the company is planning to enter into the coal mining business with a consortium of partners, for which it has secured an order from Eastern Coalfields Limited valued over a period of 25 years (contract period), it said.