Early Nykaa investor to offload $150-million stake via block deal

Harindarpal Singh Banga, founder of Hong Kong-based diversified conglomerate The Caravel Group, and one of Nykaa’s early investors, is set to sell a 2-2.5% stake in the beauty and fashion retailer in a $150-million (around Rs 1,200–1,300 crore) block deal, people briefed on the matter told ET.

Banga, who has been gradually reducing his holding, currently owns nearly 5% of Nykaa.

The shares are being offered at a 4% discount to Wednesday’s closing price of Rs 211.80 on the BSE, one of the sources said, adding that the buyers are foreign institutional investors (FIIs).