GlobalBees acquired an additional 22.5% stake in Solarista Renewables, which markets bags and rainwear under the brand name ‘The Clownfish’,for INR 5.88 Cr, in an all-cash deal.
This investment follows an agreement among shareholders made in April 2022, bringing GlobalBees' total stake in Solarista to 75%, according to an exchange filing.
This investment comes just weeks after FirstCry’s parent company, Brainbees Solutions Limited, announced an investment of AED 50 Mn (approximately INR 114.1 Cr) in its UAE subsidiary, FirstCry Management DWC LLC.
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GlobalBees, a subsidiary of kids-focused omnichannel retailer FirstCry, has increased its shareholding in Solarista Renewables, which markets bags and rainwear under the brand name ‘The Clownfish’, by acquiring an additional 22.5% stake for INR 5.88 Cr in an all-cash deal.
This investment follows an agreement among shareholders made in April 2022, bringing GlobalBees’ total stake in Solarista to 75%, according to an exchange filing.
Solarista Renewables reported a turnover of INR 34.18 Cr for the fiscal year 2023-24, a significant jump from INR 22.5 Cr in 2021-22.
Besides, the deal was executed at arm’s length, indicating that it was conducted fairly, without any preferential arrangements between the involved parties.
This investment comes just weeks after FirstCry’s parent company, Brainbees Solutions Limited, announced an investment of AED 50 Mn (approximately INR 114.1 Cr) in its UAE subsidiary, FirstCry Management DWC LLC.
It’s worth mentioning that Brainbees Solutions managed to reduce its consolidated net loss by 31% in Q1 FY25, bringing it down to INR 75.68 Cr, compared to INR 110.42 Cr in the same period last year.
Operating revenue saw a 10% increase, reaching INR 1,652.07 Cr, up from INR 1,496.93 Cr in Q1 FY24.
However, FirstCry’s losses surged by 75% in the latest quarter compared to the previous quarter, rising from a loss of INR 43.26 Cr in Q4 FY24. Operating revenue also experienced a slight decline of 0.8%, from INR 1,666.85 Cr in the previous March quarter.
These figures represent the company’s first revenue disclosures since its public debut on the stock market, where its shares launched quietly on August 6 amid equity market volatility due to global headwinds.
FirstCry’s IPO was subscribed at 11% on the first day, with employee bids leading the way. According to BSE data, the public offering received bids for INR 53.43 lakh shares against an available INR 4.96 Cr shares.
Currently, FirstCry’s shares are trading at INR 650, an increase of approximately 18.38% from its issue price of INR 549.
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