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Globe and Mail
22-07-2025
- Sport
- Globe and Mail
How five Canadian sailors survived their sailboat sinking on Lake Michigan
They bobbed on the surface of Lake Michigan in the pitch-black of night on July 16. Rain blown sideways stung their faces and 10-foot waves smashed into them. At the same time, their 55-foot ketch, Red Herring, was plummeting to the bottom of the Great Lake, 400 feet below. The five crew members, all skilled and veteran sailors from Toronto, tried to keep as near to one another as possible for safety reasons. Fifteen minutes earlier, the rudder had been torn out of the back of the sailboat as it was launched down a wave. At that point, there was no saving the Red Herring, a venerable 45-year-old craft fashioned out of cedar and owned by Fred Eaton, a member of the Royal Canadian Yacht Club and former Rolex Canadian Sailor of the Year. Mr. Eaton is the son of the late Fredrik Stefan Eaton, the patriarch of the family's retail empire. He was aboard when the incident occurred, but was not available to speak about it. Several days earlier, the yacht had finished second overall, ahead of 189 other competitors, in Michigan's 480-kilometre Bayview Mackinac Race. It completed the event in 35 hours, 42 minutes and 39 seconds, and at no point was there a hint of a mechanical or structural issue. It sank as it was being delivered for the start of the July 18 Chicago Yacht Club Race to Mackinac. The 536-kilometre regatta, established in 1898, is the oldest and longest freshwater race in the world. Several hundred boats and more than 3,000 sailors compete each year. It is also quite dangerous. Each of the five Great Lakes pose a threat to sailors. They are small compared with an ocean and relatively shallow, and become extremely rough in heavy weather. Among them, Lake Michigan is considered the worst. In 1940, 32 out of 40 boats withdrew from the Bayview to Mackinac race because of weather conditions. In 1985, 96 out of 316 vessels in the Chicago to Mackinac race did the same. Deaths have occurred. The Red Herring was about 24 kilometres off the shore of Kewaunee, Wis., when disaster struck. 'We were expecting challenging conditions but thought they would be manageable,' Magnus Clarke, a crew member, said Friday as he and his wife, Heather Kosa Clarke, drove to Toronto from Chicago. Mr. Clarke has competed in 13 Chicago to Mackinac races, two Olympic campaigns and was a member of two America's Cup challengers. As soon as the rudder was lost, all hell broke loose. 'We realized we were sinking badly,' Mr. Clarke said. 'We knew it was a catastrophic situation. After we lost the rudder, we were all overboard and in the water 15 minutes later.' The crew barely had time to issue a mayday – an internationally recognized distress signal – and send a text to its onshore support team to explain the dire circumstances. Mr. Clarke is 56 and has sailed for five decades. He has taken part in safety drills more times than he can remember. This was more terrifying than any training session. 'It was absolutely and categorically the most dangerous situation I have ever been in,' he said. A Good Samaritan sailing near the Red Herring reported the capsizing to the United States Coast Guard, which also picked up the mayday at 9:31 p.m. It immediately dispatched a Jayhawk helicopter from a station at Traverse City, Mich., and a 45-foot rescue craft from Sturgeon Bay, Wis. The Toronto-based yacht was equipped with an emergency positioning beacon, which broadcast its global co-ordinates before it went under. The five sailors also wore life vests that likewise transmitted their GPS co-ordinates. The crew members were in the 19-degree water for more than an hour before they were located by the helicopter and then hauled aboard the rescue boat. Until then, all they could do was wait and hope for a miraculous recovery. Heather Kosa Clarke did not race in the Bayview to Mackinac competition but was also aboard the Red Herring to help deliver the yacht to Chicago. She sails, too, and has security and safety training, but did not complete the extensive at-sea course the others had taken. She has experienced having a man overboard on her own boat, however, and believes it helped her in the emergency. 'I did feel I used some of the skills I had learned,' she said. 'Mostly I was trying to stay calm and make sure not to make the situation worse. 'The idea is to overcome any negative feelings. We didn't want to swim too much and lose energy and we constantly kept checking with each other and talking to keep everyone's spirits up. 'We knew if we kept calm and didn't freak out, it was just a matter of time.' She said the boat was sailing under full control until the incident occurred. 'It was a very frightening moment,' Ms. Kosa Clarke said. 'You know a major failure has happened. You are scrambling around. It's very scary.' On the same day the Red Herring sank, a 70-footer named Trident was knocked onto its side by a wave and a crew member was washed overboard. He was rescued by a fellow competitor an hour later. 'The most important thing in the moment after the incident was for us to communicate with the Coast Guard and shore crew,' Mr. Clarke said. The Coast Guard plucked the sailors – the Clarkes, Fred Eaton, his son William and Bob Batty – out of the water and brought them to the Kewaunee Municipal Marina. They were transferred from there to a medical facility to be treated for symptoms of hypothermia and seasickness. They are all fine now. 'There was a moment of euphoria when we first saw the helicopter,' Mr. Clarke said. On Friday, he and his wife drove from Chicago back to Canada. They crossed the border at Sarnia, Ont., but first called ahead to let authorities know their documents were at the bottom of Lake Michigan. Mr. Eaton has a lot on his hands, including coping with the loss of the Red Herring. It can never be recovered from the depths of the lake.
Economic Times
27-06-2025
- Business
- Economic Times
Wakefit Innovations files IPO papers with Sebi, plans to raise Rs 468 crore via fresh issue
Wakefit Innovations has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds through an initial public offering (IPO). ADVERTISEMENT According to the DRHP, the proposed IPO of the Bengaluru-based company comprises a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.83 crore equity shares by the selling shareholders. As part of the OFS, promoters Ankit Garg and Chaitanya Ramalingegowda, along with other selling shareholders — Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund, and Paramark KB Fund I — will be offloading shares. Wakefit proposes to utilize the net proceeds from the fresh issue towards funding capital expenditure of Rs 82 crore for setting up 117 new COCO – Regular Stores and one COCO – Jumbo Store; Rs 15.4 crore for the purchase of new equipment and machinery; Rs 145 crore for lease, sub-lease rent, and license fee payments for existing stores; and Rs 108.4 crore for marketing and advertising expenses to enhance brand awareness and visibility. The remaining amount will be used for general corporate purposes. The company, in consultation with the BRLMs, may consider a pre-IPO placement aggregating up to Rs 93.6 crore prior to the filing of the Red Herring Prospectus with the ROC. If the pre-IPO placement is undertaken, the size of the fresh issue will be reduced to the extent of such placement. Axis Capital Limited, IIFL Capital Services Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue. The equity shares of the company are proposed to be listed on both the BSE and NSE. ADVERTISEMENT Wakefit, incorporated in 2016, is the fastest-growing homegrown player in India's home and furnishings market among organized peers to have achieved total income exceeding Rs 1,000 crore as of March 31, offers a wide range of mattresses, furniture, and furnishings, sold through both its own channels (including its website and COCO stores) and external channels (such as major e-commerce platforms and multi-brand outlets). As a full-stack, vertically integrated company, Wakefit controls every aspect of its operations, from conceptualizing, designing, and engineering products to manufacturing, distributing, and providing customer experience and engagement. ADVERTISEMENT The company reported revenue from operations of Rs 986.3 crore in FY24 and Rs 971 crore for the nine-month period ended December 31, 2024.
The Wire
25-06-2025
- Business
- The Wire
Apollo Techno Industries Limited Received In-Principle Approval From BSE SME
Apollo Techno Industries Gets BSE Nod for IPO, Expands Trenchless and Foundation Equipment Offering New Delhi [India], June 23: The Bombay Stock Exchange (BSE) has approved the Draft Red Herring Prospectus of Apollo Techno Industries Limited. The company plans to issue up to 37,00,000 Equity Shares with a face value of ₹10 each in the upcoming IPO. The Issue Proceeds from the Fresh Issue will be utilised towards the following objects: • To Meet Working Capital Requirements • General Corporate Purposes Beeline Capital Advisors Private Limited has been appointed as the Book Running Lead Manager to the Issue, while MUFG Intime India Private Limited serves as the Registrar to the Issue. About Apollo Techno Industries Limited Apollo Techno Industries Limited is a manufacturer specializing in trenchless equipment and foundation equipment for the construction industry. Their product line-up includes Horizontal Directional Drilling (HDD) Rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs and Spare Parts. The Horizontal Directional Drilling Rigs are primarily utilised for the installation of essential utilities such as gas, water, sewer lines, optical fibre cables, and electrical conduits. The Diaphragm Drilling Rigs are designed for constructing foundations for deep basements, retaining walls in railway, airports and metro stations, as well as developments along riverfronts. The Rotary Drilling Rigs are employed for creating foundation piles necessary for high-rise buildings and bridges. We also provide warranties, on-site support and technical training to ensure our customers are well-equipped to utilize our machinery effectively. Apollo Techno Industries Limited is the only domestic manufacturer that is engaged in the manufacturing of Horizontal Directional Drilling Rigs, Diaphragm wall Drilling Rigs and is one of the manufacturers of Rotary Drilling Rigs, catering for the end user industries' demand in India as well as in Export markets. With in-house design and engineering capabilities, the Company is able to offer a broad spectrum of products and solutions that emphasise quality to our clients. In addition to our manufacturing capabilities, Apollo Techno Industries Limited also provide refurbishment services for used machines at our factory. This comprehensive approach not only enhances our product offerings but also reinforces our commitment to sustainability and customer satisfaction in the construction equipment market. Financial Performance For the fiscal year ending March 31, 2024, Apollo Techno Industries Limited Reported Revenue of ₹ 6,897.67 Lakhs, EBITDA of ₹765.23 Lakhs, and PAT of ₹ 323.06 Lakhs. For the September 30, 2024 the reported Revenue of ₹ 4,924.54 Lakhs, EBITDA of ₹ 909.66 Lakhs and PAT of ₹ 545.21 Lakhs. (Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.).
Business Standard
24-06-2025
- Business
- Business Standard
Apollo Techno Industries Limited Received In-Principle Approval From BSE SME
PNN New Delhi [India], June 24: The Bombay Stock Exchange (BSE) has approved the Draft Red Herring Prospectus of Apollo Techno Industries Limited. The company plans to issue up to 37,00,000 Equity Shares with a face value of ₹10 each in the upcoming IPO. The Issue Proceeds from the Fresh Issue will be utilised towards the following objects: * To Meet Working Capital Requirements * General Corporate Purposes Beeline Capital Advisors Private Limited has been appointed as the Book Running Lead Manager to the Issue, while MUFG Intime India Private Limited serves as the Registrar to the Issue. About Apollo Techno Industries Limited Apollo Techno Industries Limited is a manufacturer specializing in trenchless equipment and foundation equipment for the construction industry. Their product line-up includes Horizontal Directional Drilling (HDD) Rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs and Spare Parts. The Horizontal Directional Drilling Rigs are primarily utilised for the installation of essential utilities such as gas, water, sewer lines, optical fibre cables, and electrical conduits. The Diaphragm Drilling Rigs are designed for constructing foundations for deep basements, retaining walls in railway, airports and metro stations, as well as developments along riverfronts. The Rotary Drilling Rigs are employed for creating foundation piles necessary for high-rise buildings and bridges. We also provide warranties, on-site support and technical training to ensure our customers are well-equipped to utilize our machinery effectively. Apollo Techno Industries Limited is the only domestic manufacturer that is engaged in the manufacturing of Horizontal Directional Drilling Rigs, Diaphragm wall Drilling Rigs and is one of the manufacturers of Rotary Drilling Rigs, catering for the end user industries' demand in India as well as in Export markets. With in-house design and engineering capabilities, the Company is able to offer a broad spectrum of products and solutions that emphasise quality to our clients. In addition to our manufacturing capabilities, Apollo Techno Industries Limited also provide refurbishment services for used machines at our factory. This comprehensive approach not only enhances our product offerings but also reinforces our commitment to sustainability and customer satisfaction in the construction equipment market. Financial Performance For the fiscal year ending March 31, 2024, Apollo Techno Industries Limited Reported Revenue of ₹ 6,897.67 Lakhs, EBITDA of ₹765.23 Lakhs, and PAT of ₹ 323.06 Lakhs. For the September 30, 2024 the reported Revenue of ₹ 4,924.54 Lakhs, EBITDA of ₹ 909.66 Lakhs and PAT of ₹ 545.21 Lakhs.
Fashion Network
10-06-2025
- Business
- Fashion Network
Lalithaa Jewellery to launch IPO
Chennai-based jewellery retailer Lalithaa Jewellery Mart has filed draft papers with the Securities and Exchange Board of India for an Initial Public Offering to raise Rs 1,700 crore as it plans to expand its brick-and-mortar presence in India. According to the Draft Red Herring Prospectus, the proposed IPO will comprise a fresh issue of equity shares worth Rs 1,200 crore and an offer-for-sale component of Rs 500 crore by promoter M Kiran Kumar Jain, India Retailing reported. The issue will also include a reserved portion for eligible employees, who will receive shares at a discounted price. The company plans to utilise approximately Rs 1,014.50 crore from the fresh issue proceeds to establish new stores, with the remainder allocated for general corporate purposes. Anand Rathi Advisors and Equirus Capital are acting as book-running lead managers for the IPO. The shares are proposed to be listed on both the BSE and NSE. For the nine months ended 31 December 2024, the company reported consolidated revenue from operations of Rs 12,594.67 crore and a profit after tax of Rs 262.33 crore. Founded in 1985 with its first outlet in Chennai's T Nagar, Lalithaa Jewellery Mart offers gold jewellery, silverware and diamond jewellery, according to its Facebook page. As of December 31, 2024, the company operates 56 stores- 22 in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana and one in Puducherry.
