Nykaa share price declined over 4% in early trade on Thursday on reports of a major block deal in the shares. Nykaa shares fell as much as 4.5% to ₹202.25 apiece on the BSE.
According to reports, Nykaa’s early investors, Harindarpal Singh Banga and Indra Banga sold 6 crore Nykaa shares, representing a 2.1% stake in the company, through a block deal.
It was earlier reported by Mint that Harindarpal Singh Banga and Indra Banga will sell a 2.1% stake worth $140.3 million (approximately ₹1,200 crore) in FSN E-Commerce Ventures Ltd, the parent company of beauty and personal care company Nykaa.
The Bangas are offloading about 6 crore Nykaa shares at an offer price of ₹200 per share, a 5.5% discount to Wednesday’s closing price, as per the term sheet accessed by Mint.
Goldman Sachs and JP Morgan are managing the transaction, as per the report.
At 9:22 AM, Nykaa share price was trading 4.34% lower at ₹202.60 apiece on the BSE.
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