Shares of FSN E-Commerce Ventures Ltd., the owner of beauty product retailer Nykaa, gained even as marquee investors continued to offload their holdings.
As many as 5.42 crore shares, equaling 1.9% of the equity, changed hands in two block trades on the National Stock Exchange, according to pre-market Bloomberg data.
The shares were sold at Rs 184.55 apiece, equalling a stake worth Rs 1,000.54 crore being offloaded. The price was at a marginal discount to Thursday's closing of Rs 185.6.
According to several reports, TPG Capital was expected to sell shares worth Rs 1,000 crores in the company via a block deal on Friday.
Since the lock-in period expired, several major investors, such as Ambuja Cements' Narotam Sekhsaria, TPG and Lighthouse India Fund, have sold large stakes to trim their holdings in the faltering stock.
The company's stock, like that of peer new-age companies, has struggled since its debut on the bourses. Its value has nearly halved from its IPO price of Rs 429 (adjusted for the bonus issue).
The company, however, gained 5.95% to Rs 196.05 apiece as of 9:25 a.m. while the Nifty 50 lost 0.05% on the NSE.
Of the 20 analysts tracking the company, 15 maintain 'buy', three suggest 'hold' and two recommend 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 34.2%.
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