Great Eastern Shipping Co will sell 22.05 million shares in unit Greatship (India) Ltd to raise funds via an initial public offering of shares, according to the regulatory application.                         
The firm filed initial papers for approval with the market regulator on Thursday for the IPO, but did not divulge how much it will raise.                                            It plans to use about Rs1.12 billion of the IPO proceeds for acquisitions, Rs1.6 billion for debt repayment and Rs536.5 million for redemption of preference share, it added.                           Kotak Investment Banking and Bank Of America-Merrill Lynch are the book running lead managers to the issue, it said.                          Shares in parent Great Eastern Shipping ended up 4.86% at Rs313.15 in a firm Mumbai market.