Early Nykaa investor to offload $150-million stake via block deal

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Harindarpal Singh Banga, founder of Hong Kong-based diversified conglomerate The Caravel Group, and one of Nykaa’s early investors, is set to sell a 2-2.5% stake in the beauty and fashion retailer in a $150-million (around Rs 1,200–1,300 crore) block deal, people briefed on the matter told ET.

Banga, who has been gradually reducing his holding, currently owns nearly 5% of Nykaa.

The shares are being offered at a 4% discount to Wednesday’s closing price of Rs 211.80 on the BSE, one of the sources said, adding that the buyers are foreign…



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Early Nykaa investor to offload $150-million stake via block deal



Harindarpal Singh Banga, founder of Hong Kong-based diversified conglomerate The Caravel Group, and one of Nykaa’s early investors, is set to sell a 2-2.5% stake in the beauty and fashion retailer in a $150-million (around Rs 1,200–1,300 crore) block deal, people briefed on the matter told ET.

Banga, who has been gradually reducing his holding, currently owns nearly 5% of Nykaa.

The shares are being offered at a 4% discount to Wednesday’s closing price of Rs 211.80 on the BSE, one of the sources said, adding that the buyers are foreign…



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.

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