Ratan Tata to sell all his 77900 shares in this company in upcoming IPO
The Pune-based company's proposed Initial Public Offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 1,816 crore.
Ratan Tata, former Tata Group Chairman, is known as a successful businessman. The billionaire, who turned 86 on Thursday, has invested in several companies. But now, he is set to sell all his 77,900 shares of Brainbees Solutions Ltd in its upcoming IPO in 2024. The company owns kids products startup FirstCry. 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.
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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.
(With inputs from PTI)