Shares of FSN E-Commerce Ventures, the parent company of Nykaa, dropped by 4 percent in early trading on Thursday, July 3, after a block deal.
About 6 crore shares, or 2.3 percent of the company’s total shares, were traded. At 9:20 a.m., the stock price was Rs 203.15 on the NSE, down 4 percent.
Sources say the Banga family, including shipping tycoon Harindarpal Banga (also known as Harry Banga), sold almost 2 percent of their shares in Nykaa. This is about half of what they own in the company. The family owns about 5 percent of Nykaa and will keep the remaining 2-2.5 percent after this sale.
As of the March quarter, Nykaa’s promoters owned about 52.2 percent of the company. Foreign and domestic investors owned 8.8 percent and 25.2 percent respectively, while the public owned about 13.8 percent. Harindarpal Singh Banga held 4.97 percent of the company at that time.
The Banga family was one of Nykaa’s earliest investors, putting money into the company back in 2014 when it was worth only USD 20 million. Now, eleven years later, Nykaa is valued at around USD 700 million, which means the Banga family has made a big profit.
The family once owned 6.4 percent of Nykaa but has sold shares over time. In 2024, they sold shares worth Rs 809 crore (about USD 90-100 million) at Rs 198 per share. The Banga family runs The Caravel Group, a global company involved in shipping, trading, and asset management.
In Q4 of last FY25 Nykaa reported consolidated revenue of Rs 2,062 crore 23.6 percent yoy growth and Profit of Rs 20.28 crore. As of 1.35pm thursday Nykaa was down 3.93 percent from previous trading session.
