Stocks of Nykaa's parent company jump 6.5% after reports of likely block deal
Mumbai: Nearly 4.09 crore shares, representing a 1.43 percent stake in Nykaa's parent company, FSN E-commerce, were traded in a block deal, with pre-IPO investor Harindarpal Singh Banga likely being the seller, Moneycontrol reported.
Following the transaction, shares of the beauty and personal care platform jumped by 6.5 percent. By 1:17 pm, Nykaa's stock was trading over 8 percent higher at Rs 228 on the NSE.
The identities of the buyers and sellers could not be immediately confirmed, the report said.
However, CNBC-TV18 had reported on August 22 that Harindarpal Singh Banga, a pre-IPO investor, was looking to sell up to a 1.4 percent stake, offering it at a floor price of Rs 198 per share.
As of the end of the June quarter, Harindarpal Singh held a 6.4 percent stake in FSN E-commerce Ventures, equivalent to 18.28 crore shares.
The CNBC-TV18 report also indicated that the block deal would trigger a 45-day lock-in period for any further stake sales.
The Moanycontrol report said, citing Forbes Magazine that Harindarpal Singh Banga, a commodities billionaire and chairman of Caravel Group, ranks among the Top 50 richest individuals in Hong Kong, with a net worth of $2.9 billion as of August 2024,
Other prominent pre-IPO investors in Nykaa include Narotam Sekhsaria, Sunil Kant Munjal, Mala Gaonkar, Steadview Capital, and TPG Growth.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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