Latest news with #TheCaravelGroup
Time of India
3 days ago
- Business
- Time of India
Early investor Banga to sell 2% in Nykaa
Representative image 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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 days ago
- Business
- Time of India
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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
