SUMMARY
- Harindarpal Singh Banga likely sold a 1.43% stake in Nykaa’s parent company, triggering a 6.5% surge in the stock price.
- The block deal involved 4.09 crore shares and followed reports of a planned sell-off at ₹198 per share.
- Banga is a commodities billionaire and one of Nykaa’s significant pre-IPO investors, alongside other prominent names.
Around 4.09 crore shares, constituting a 1.43% stake in FSN E-commerce Ventures, Nykaa‘s parent company, changed hands through a block deal on August 23.
The likely seller was identified as Harindarpal Singh Banga, a pre-IPO investor in the company. Although the exact buyers and sellers were not immediately verified, CNBC-TV18 reported that Banga was planning to offload up to 1.4% of his stake at a floor price of ₹198 per share.
Banga, who held a 6.4% stake in Nykaa as of the June quarter, translates to approximately 18.28 crore shares. His offloading of shares triggered a notable rise in Nykaa’s stock, with the share price surging 6.5%. By 1:17 pm, Nykaa’s shares were trading 8% higher at ₹228 on the NSE.
Harindarpal Singh Banga, a commodities billionaire and chairman of the Caravel Group, is ranked among the Top 50 richest individuals in Hong Kong, with a net worth of $2.9 billion as of August 2024, according to Forbes Magazine. Other significant pre-IPO investors in Nykaa include Narotam Sekhsaria, Sunil Kant Munjal, Mala Gaonkar, Steadview Capital, and TPG Growth.
