Early investor Banga to sell 2% in Nykaa
MUMBAI: Indian entrepreneur and founder of Hong Kong-based The Caravel Group, Harindarpal Singh Banga, and his family are selling around a 2.1% stake in Nykaa worth about $140.3 million (Rs 1,200 crore) through a block deal on Thursday, the term sheet of the share sale showed.
The Banga family was one of the early investors in the Falguni Nayar-led
e-commerce
firm and currently holds nearly a 5% stake in the firm.
The Banga family will offload about 60 million shares at a 5.5% discount to Wednesday's closing price. Shares of Nykaa ended at Rs 212 apiece on the BSE on Wednesday, up 2.3%. "The Banga family invested in Nykaa when it was valued at about $25 million. Today, the company is valued at close to $7 billion. This is one of the top investor exits," said an industry source. In Aug 2024, Banga divested 1.4% stake in Nykaa, taking the transaction value to Rs 852 crore.
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