FirstCry to invest Rs 146 Cr in subsidiary GlobalBees for international expansion
Baby and mothercare retailer Firstcry is looking to expand its global arm with an investment of Rs 146 crore in its global unit.
Supam Maheshwari-led FirstCry has approved the infusion of Rs 146 crore into its international arm, GlobalBees Brands.
The investment is expected to occur in tranches over the period of 12 months, the company stated in an exchange filing.
It also announced the incorporation of FC Management, a wholly-owned subsidiary in the United Arab Emirates, to provide management services.
FirstCry will invest about Rs 20.98 crore over the next month. Out of total consideration in FC Management, about SAR 9 million (Rs 20.5 crore) will be invested in Firstcry Trading Company, KSA, to establish stores and warehouses. Any remaining amount, after accounting for exchange rate fluctuations, will be invested in Firstcry Retail DWC LLC for general corporate purposes.
GlobalBees clocked consolidated turnover of Rs 1,209.35 crore in FY23-24, a 35% improvement from Rs 897.1 crore it clocked in the previous year. It currently has a net worth of Rs 1,095.89 crore.
In a separate filing, the company's Board also approved allotting 8.69 lakh equity shares and transferring 8.03 lakh shares from Brainbees ESOP Trust (Trust) to eligible employees.
"The equity shares so allotted shall rank pari-passu with the existing equity shares of the Company in all respects," stated the exchange filing.
The company also appointed Neha Virendra Surana as company secretary and compliance officer with immediate effect.
Edited by Kanishk Singh