The case describes the decision making process followed by a large, listed company for selling a significant portion of their shareholding in another large listed company. The case discusses one of the largest offer-for-sale in the Indian capital markets. The case covers the Board processes associated with such a decision, the choice of the method for selling of the shares, process of selection of merchant bankers, the process of book building and broader issues related to functioning of capital markets. The case lends itself to discussion on pros and cons of selling the shares to a strategic investor or selling them to a large number of non-strategic, portfolio investors. The case lends itself discussion on the manner in which potential investors and markets react to such events.