Nykaa's early investor Harindarpal Singh Banga sells shares worth Rs 1,215 Cr
Nykaa's early backer Harindarpal Singh Banga has sold 6 crore shares of the company in a block deal at a price of Rs 202.5 apiece on BSE.
Harindarpal Singh Banga, an early investor in Nykaa, has sold shares worth Rs 1,215 crore of FSN E-Commerce Ventures, the parent company of the beauty and personal care marketplace, in a block deal on BSE.
Banga sold 6 crore shares at a price of Rs 202.57 apiece on BSE on Thursday (July 3), according to data from the exchange.
The trade, which represented 2.1% of Nykaa’s total equity, was conducted at a discount of about 2.19% from the opening price of Rs 207.7 on July 2.
Following the sale, shares of the company closed 4.39% lower at Rs 202.2 on July 3. They opened marginally lower at Rs 201.5 in morning trade today.
This comes after media reports said that Harindarpal Singh Banga and Indra Banga were planning to pare their stake in the company in secondary transactions. According to a report by The Economic Times, global investment banks Goldman Sachs (India) Securities and JP Morgan India were managing the deal, with proceeds going directly to selling shareholders.
A week ago, Nykaa, in its investor day presentation, said that its expects its fashion business to touch breakeven in FY26, while clocking mid-single digit margins by FY28. It sees the segment growing 3x to 4x in the next five years.
The Falguni Nayar-led ecommerce player has also been steadily expanding its quick commerce offering, Nykaa Now. The service, which delivers orders in 30 to 120 minutes, is currently available in seven cities.
Edited by Swetha Kannan