Seaways Shipping And Logistics Ltd today said the promoters of the company had bought out the entire stake of 24 per cent that IDFC Private Equity (IDFC PE) held in the company, even as the shipping company plans to go for an IPO next year.
However, the company did not disclose the financial details of the transaction.
Seaways had earlier planned for an initial public offering, and accordingly filed the DRHP last year.
"The partnership between IDFC PE and Seaways over the past nine years has been mutually rewarding, and we thank them for their unstinted support and confidence in us," PVK Mohan, Chairman and Managing Director of Seaways Group said in a press release.
Based on the strong performance in 2016-17, and the encouraging results in the current financial year, the company is planning to go public in FY2018-19, he said.
Seaways has been consistently profitable. With the global freight rates making a marked recovery, and increased manufacturing activity in India, the company is excited about the exponential growth prospects of the Group, he added.