Ratan Tata Sells All Shares in FirstCry IPO
Dec 28, 2023 18:58
Ratan Tata is selling all 77,900 shares of FirstCry in the upcoming IPO. The company is raising up to Rs 1,816 crore through the IPO. Other investors including Softbank and Mahindra & Mahindra are also selling shares.
Photograph: Kind courtesy Ratan Tata/Instagram
New Delhi, Dec 28 (PTI) Veteran industrialist and former Tata Group Chairman Ratan Tata is looking to sell all 77,900 shares of Brainbees Solutions Ltd, which owns omnichannel baby and mother-care product platform FirstCry, in the upcoming IPO.
Tata became an investor in the company in 2016 by infusing Rs 66 lakh initially. He was allotted preference shares of the company.
According to the draft red herring prospectus (DRHP) filed on Thursday, Tata is offering to sell his entire 77,900 shares, amounting to a 0.02 per cent stake, of FirstCry.
The Pune-based company's proposed Initial Public Offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by existing shareholders, as per the draft papers.
As a part of the OFS, SVF Frog, a Cayman Islands-registered entity of Softbank, will sell 2.03 crore equity shares of Brainbees Solutions Ltd, and automaker Mahindra & Mahindra (M&M) will offload 28.06 lakh shares of the company.
Apart from Softbank and M&M, other selling shares in the OFS are PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, Valiant Mauritius, TIMF Holdings, Think India Opportunities Fund and Schroders Capital.
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