Shares of e-tailer FSN E-Commerce Ventures, also known as the Nykaa parent, fell four percent in early trade on Thursday, July 3, a large deal took place on the bourses.
Around 6 crore shares or 2.3 percent equity in the firm was exchanged. At 9.20 a.m., shares were quoting Rs 203.15, down by four percent on the NSE.
According to sources, the Banga family, which includes shipping tycoon Harindarpal Banga, known as Harry Banga, and others, launched block deals to sell nearly 2 percent of its stake, or half of what it owns, in FSN E-Commerce.
The family owns nearly 5 percent in the company and will sell half of its stake, around 2 percent, one of the persons cited above said. "The family will continue to hold the remaining 2-2.5 percent stake in Nykaa."
According to the March quarter shareholding details, promoters owned roughly 52.2 percent in the firm. FIIs and DIIs owned 8.8 percent and 25.2 percent in the company, while the public shareholding was roughly 13.8 percent. Harindarpal Singh Banga owned 4.97 percent in the firm in the March quarter.
The Banga family is one of the earliest backers of Nykaa. The family invested in the beauty and personal care platform back in 2014 and had picked up shares when the company was worth $20 million. Eleven years since, the company has grown multifold and is now worth around $700 million, resulting in significant gains for the Banga family.
The Banga family, which once held 6.4 percent in the company, as per private markets data provider Tracxn, has offloaded shares in Nykaa in the past to reduce its stake. In 2024, the family, which runs The Caravel Group, a global conglomerate primarily engaged in resources trading, maritime services, and asset management, sold shares worth Rs 809 crore (around $90-100 million) at Rs 198 apiece.
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