Automobile manufacturer Mahindra & Mahindra Ltd. will be divesting a 0.58% stake in Brainbees Solutions Pvt. Ltd., the parent company of online kidswear store FirstCry, it said in an exchange filing.
Mahindra & Mahindra plans to sell up to 28.06 lakh equity shares of Brainbees, which have a face value of ₹2 each as part of the Offer for Sale portion of Brainbees' proposed Initial Public Offer (IPO), the filing said.
The number of shares M&M plans to sell, amounts to 0.58% of the existing issued and paid-up equity share capital of Brainbees.
FirstCry's parent mentioned that it has filed the Draft IPO papers with market regulator SEBI on Thursday.
Selling price of the shares will be determined as and when the price band of the IPO is decided by Brainbees, in consultation with the Book Running Lead Managers and the actual number of shares which will be sold in the OFS will be determined towards the end of the Book Building Process, M&M said.
M&M's board had approved selling of up to 94.46 lakh equity shares or up to 2% of the total paid-up equity capital of Brainbees in May 2022.
Brainbees Solutions recently reported its financial performance for financial year 2023 on the website of the Corporate Affairs Ministry.
As per the report, the company reported a total loss before tax of ₹585 crore. While ESOP costs stood at ₹361 crore, finance costs were ₹72 crore.
The company also said that the core business continues to grow strongly with overall business growth of 135%.
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