Nykaa Investors To Sell Up To 1.4% Stake In Block Deal, Bloomberg Reports Citing Terms
It was also reported that the sale aims to raise up to Rs 810 crore or $96 million.
Harindarpal Singh Banga and Indra Banga, investors in Nykaa parent firm FSN E-Commerce Ventures Ltd., have proposed to sell up to 4.09 crore shares, representing a 1.4% stake, through a block deal, according to terms obtained by Bloomberg News.
The offer's floor price is set at Rs 198 per share, indicating a discount of 6.27% to Nykaa's closing price of Rs 210.42 apiece on the NSE on Thursday, according to the Bloomberg report.
Harindarpal Banga held a 6.4% stake in the beauty and personal care platform as of June 2024.
It was also reported that the sale aims to raise up to Rs 810 crore or $96 million. Goldman Sachs and JPMorgan will be managing the transaction.
On Wednesday, Nykaa's market capitalisation increased by Rs 5,187.5 crore following a block deal on the NSE, where 41.4 lakh shares worth Rs 91.2 crore were traded.
Shares of Nykaa closed 0.18% lower at Rs 210.42 apiece on the NSE, compared to a 0.17% advance in the benchmark Nifty. The stock has risen 55.81% on a year-to-date basis and 20.97% in the past 12 months.
Correction: Changes in the first paragraph.
