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Our Bureau

Mumbai , March 16

Varun Shipping Ltd proposes to list its shares on the Singapore Stock Exchange, through an issue of Singapore Depository Receipts (SDRs), the company on Tuesday said.

The board of directors of the company, which met today, appointed a committee of directors to explore the possibility of issuing SDRs.

"We are exploring the possibilities. Singapore is a maritime country and there is a lot shipping interest there. The funds would be raised for expansion of the company's fleet," Mr Yudhishthir D. Khatau, Managing Director, Varun Shipping, told Business Line.

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