Mahindra Retail To Divest Partial Stake In FirstCry's IPO

According to the company statement, the actual number of shares of Brainbees to be sold will be decided by the company later

Mahindra Retail has received board approval to sell up to 2% of its stake in BrainBees, the parent company of marketplace FirstCry, via an Offer For Sale (OFS) as part of a share sale during the startup’s IPO.

In a regulatory filing, Mahindra & Mahindra (M&M) said, “The Strategic Investment Committee of the Board of Directors of the M&M today considered and accorded its approval to divest up to 94,46,156 (94.46 lakh) Equity Shares of Rs 2 each representing up to 2%…of Brainbees Solutions Private Limited (BrainBees) on a fully diluted basis, by way of Offer for Sale of Equity Shares as part of the proposed IPO of BrainBees.”

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Mahindra Retail stake FirstCry's IPO

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