Nyka’s Harindarpal Singh Banga To Offload 1.4% Stake

Share via:


SUMMARY

Harindarpal Singh Banga is looking to offload Nykaa shares at a floor price of INR 198 apiece

Banga, who is the founder and the CEO of The Caravel Group, held 18.28 Cr shares, or a 6.4% stake, of Nykaa at the end of the June quarter

Earlier this week, the shares of the Falguni Nayyar-led startup touched a fresh 52-week high of INR 228.5 on the BSE during the intraday trading on August 21

Amid Nykaa’s bull run on the bourses, its early investor Harindarpal Singh Banga is reportedly looking to sell 1.4% stake in the beauty and personal care ecommerce major. 

As per a report by CNBC-TV18, Banga is looking to offload the shares at a floor price of INR 198 apiece, a discount of 5.9% to the closing price of INR 210.40 on Thursday (August 22). The sold shares will have a lock-in period of 45 days. 

Banga, who is the founder and the CEO of The Caravel Group, held 18.28 Cr shares, or a 6.4% stake, of Nykaa at the end of the June quarter. 

This will be the second major share offloading for the startup in the ongoing quarter (Q2 FY25). Earlier in July, Canada Pension Plan Investment Board (CPPIB) offloaded 1.47 Cr shares of Nykaa for INR 256.4 Cr via a block deal. The CPPIB sold the stake at INR 174.04 per share.

The development comes at a time when the shares of Nykaa are on an upward trajectory. Earlier this week, the shares of the Falguni Nayyar-led startup touched a fresh 52-week high of INR 228.5 on the BSE during the intraday trading on August 21. 

Overall, the stock has gained nearly 29% year-to-date. 

Earlier this month, Nykaa reported a robust Q1 performance. Its consolidated net profit surged 152% to INR 13.6 Cr during the quarter from INR 5.4 Cr in Q1 FY24. Operating revenue also jumped 22.8% to INR 1,746.1 Cr during the reported quarter from INR 1,421.8 Cr in Q1 FY24.

Meanwhile, the startup also said that it would increase its stake in Dot & Key and Earth Rhythm. While it would acquire an additional 39% stake in its subsidiary Dot & Key for INR 265.3 Cr, it would buy an additional stake in the beauty brand Earth Rhythm for INR 44.5 Cr.

Following the disclosures, brokerage Nuvama maintained its ‘buy’ recommendation on the stock and increased its price target to INR 220 from INR 203 earlier.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Nyka’s Harindarpal Singh Banga To Offload 1.4% Stake


SUMMARY

Harindarpal Singh Banga is looking to offload Nykaa shares at a floor price of INR 198 apiece

Banga, who is the founder and the CEO of The Caravel Group, held 18.28 Cr shares, or a 6.4% stake, of Nykaa at the end of the June quarter

Earlier this week, the shares of the Falguni Nayyar-led startup touched a fresh 52-week high of INR 228.5 on the BSE during the intraday trading on August 21

Amid Nykaa’s bull run on the bourses, its early investor Harindarpal Singh Banga is reportedly looking to sell 1.4% stake in the beauty and personal care ecommerce major. 

As per a report by CNBC-TV18, Banga is looking to offload the shares at a floor price of INR 198 apiece, a discount of 5.9% to the closing price of INR 210.40 on Thursday (August 22). The sold shares will have a lock-in period of 45 days. 

Banga, who is the founder and the CEO of The Caravel Group, held 18.28 Cr shares, or a 6.4% stake, of Nykaa at the end of the June quarter. 

This will be the second major share offloading for the startup in the ongoing quarter (Q2 FY25). Earlier in July, Canada Pension Plan Investment Board (CPPIB) offloaded 1.47 Cr shares of Nykaa for INR 256.4 Cr via a block deal. The CPPIB sold the stake at INR 174.04 per share.

The development comes at a time when the shares of Nykaa are on an upward trajectory. Earlier this week, the shares of the Falguni Nayyar-led startup touched a fresh 52-week high of INR 228.5 on the BSE during the intraday trading on August 21. 

Overall, the stock has gained nearly 29% year-to-date. 

Earlier this month, Nykaa reported a robust Q1 performance. Its consolidated net profit surged 152% to INR 13.6 Cr during the quarter from INR 5.4 Cr in Q1 FY24. Operating revenue also jumped 22.8% to INR 1,746.1 Cr during the reported quarter from INR 1,421.8 Cr in Q1 FY24.

Meanwhile, the startup also said that it would increase its stake in Dot & Key and Earth Rhythm. While it would acquire an additional 39% stake in its subsidiary Dot & Key for INR 265.3 Cr, it would buy an additional stake in the beauty brand Earth Rhythm for INR 44.5 Cr.

Following the disclosures, brokerage Nuvama maintained its ‘buy’ recommendation on the stock and increased its price target to INR 220 from INR 203 earlier.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Meta hit with $840 million fine for linking Facebook...

In a statement, the EU’s competition head Margrethe...

Indian flying taxi startup secures $14m series B

The ePlane Company is aiming for a full-scale...

FBI tokens, AI tokens and crypto wash trades: Crypto...

Did the FBI token infringe copyright rules? Who...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!