Nykaa parent FSN E-Commerce Ventures Ltd.'s shares dropped over 4% soon after trading began on Thursday as Harindarpal Singh Banga and his family—one of the early investors in the company—sold equity via block deals.
The Banga family is looking to pare a 2.1% stake worth $140.3 million or Rs 1,198 crore via block deals, according to the term sheet reported by NDTV Profit a day ago.
The sale will be carried out at a floor price of Rs 200 per share, which marks a 5.5% discount against the last closing price.
Goldman Sachs Pvt. and JPMorgan India Pvt. are the book runners for the deal.
According to data on BSE, Harindarpal Singh Banga holds 4.97% stake comprising of 14.20 crore shares.
In August 2024, he and Indra Banga had offloaded 4.09 crore shares, representing 1.4% stake through a block deal. Harindarpal Banga, earlier, held 6.4% stake in the beauty and personal care platform as of June 2024.
Nykaa Share Price Movement
Nykaa shares went as low as 4.77% at Rs 201.5 apiece, compared to a flat benchmark Nifty 50. The total traded volume stood at 2.4 times its 30-day average and turnover was Rs 670 crore. The relative strength index stood at 58.
The scrip has risen 15% in the last 12 months and 23% year-to-date.
Out of 26 analysts tracking the company, 13 maintain a 'buy' rating, four recommend a 'hold' and nine suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.1%.
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