Nykaa shares rise 4% after 1.4% stake sale via block deal
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Shares of FSN E-Commerce Ventures, the parent company of Nykaa on Friday, rose 4% to the day’s high of Rs 218.75 on the BSE after investors Harindarpal Singh Banga and his wife, Indra Banga, likely sold a 1.4% stake in the company through a pre-market block deal. Reportedly 4.09 crore shares, or 1.4% of the equity changed hands in the aforementioned block deal. According to the term sheet issued by the bankers, the Bangas plan to sell their stake at a floor price of Rs 198 apiece, which represents a 5.9% discount to Thursday’s closing price of Rs 210. Harindarpal was an early investor in Indian billionaire Falguni Nayar’s fashion giant Nykaa and held a 6.4% stake. He founded The Caravel Group, a global conglomerate primarily engaged in resources trading, maritime services, and asset management. Shares of Nykaa rallied 19% to its new all-time high of Rs 228.50 on BSE on Wednesday, its largest intraday gain for the company since November 20...