Bangas to sell 2.1% stake in Nykaa worth $140 million through block deal
MUMBAI: Indian entrepreneur and founder of Hong Kong based The Caravel Group Harindarpal Singh Banga and his family are selling around 2.1% stake in Nykaa worth about $140.3 million (Rs 1200 crore) through a block deal on Thursday, the term sheet of the share sale showed.
The Banga family has been one of the early investors of the Falguni Nayar-led e-commerce firm and currently holds nearly 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 211.80 apiece on the BSE on Wednesday, up 2.3%.
'The Banga family had 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 August 2024, Banga had divested over four crore shares in Nykaa or a 1.4% stake taking the transaction value to Rs 851.5 crore.
The block trade is being managed by the Indian broking arm of global financial majors Goldman Sachs and J.P. Morgan.
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