Nykaa shares rise:According to media reports, nearly 4.09 million shares of FSN E-commerce, the parent company of Nykaa, have changed hands in a major deal on Friday. The company’s shares in the news amount to a stake of nearly 1.43 per cent in Nykaa. Reports suggest that Harindrarpal Singh, a formerIPO The company’s promoter divested its majority stake in the block deal.
As the news broke, the company’s shares surged as much as 8.16 per cent and hit an intraday high of Rs 228.40 apiece. In the past month, the shares of the popular cosmetics brand have surged by over 27 per cent, while the annual return of the stock is around 32 per cent.
Media reports suggest that Harindarpal Singh Banga offloaded the stake at the floor price of Rs 198 per share.
Harindarpal Singh was a key investor in Nykaa with a stake of nearly 6.4 per cent in the company in the quarter ended June 2024. The total shares held by Banga were reportedly 18.28 crore. The block deal will trigger a 45-day lock-up period before further stake sales take place.
Banga is the chairman of Caravel Group and a commodities billionaire, ranking among the top 50 richest people in Hong Kong.
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