Sandhya Marines files IPO papers with SEBI

Fish and crabs are seen for sale at a wholesale market at a fish harbour in Mumbai, March 16, 2015. India's wholesale prices declined at a much faster-than-expected pace of 2.06 percent on year in February, their fourth straight monthly fall, on the back of plunging global oil prices, government data showed on Monday. REUTERS/Danish Siddiqui (INDIA - Tags: SOCIETY BUSINESS) - RTR4THQT

Seafood products exporter Sandhya Marines has filed its draft red herring prospectus (DRHP) with the market regulator SEBI seeking permission for its initial public offering (IPO).

The offer comprises of a fresh issue of up Rs 300 crore and an offer for sale of upto 1.26 crore equity shares by Dr K V Prasad, Ms K Suryanarayanamma, K Anand Kumar and K Arun Kumar.

The net proceeds from the issue will be utilised towards setting up of a new shrimp processing unit, new aqua-feed mill facility, new corporate office; and repayment of certain indebtedness; and general corporate purposes.

Karvy Investment Banking and SBI Capital Markets are the book running lead managers to the issue. Karvy Computershare Private Limited is the registrar.