A major shareholder of FSN E-Commerce Ventures Ltd, the parent company of the popular beauty and personal care brand Nykaa, made headlines on Friday by selling off a 1.43% stake in the company for a whopping ₹851 crore in an open market transaction.
According to data from the BSE, Harindarpal Singh Banga sold over 4 crore shares, representing 1.43% of Nykaa’s stake, at a price of ₹208.30 each, resulting in a transaction value of ₹851.50 crore.
Following the sale, Banga’s ownership in Nykaa now stands at 4.97%, down from the previous 6.40%.
Harindarpal Singh Banga, a commodities billionaire and chairman of the Caravel Group based in Hong Kong, was an early backer of Nykaa, the renowned fashion and beauty platform that went public in 2021.
Notable buyers of FSN E-Commerce’s shares include Nippon India Mutual Fund, HSBC MF, Invesco MF, Kotak Mahindra MF, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, Goldman Sachs, and Morgan Stanley.
Other buyers of Nykaa shares include Societe Generale, Abu Dhabi Investment Authority, Copthall Mauritius Investment, AL Mehwar Commercial Investments LLC, Caisse De Depot ET Placement DU Quebec, India Acorn ICAV, and Bajaj Allianz Life Insurance.
Nykaa’s stock closed 7.84% higher at ₹226.90 on the BSE, reflecting positive market sentiment towards the company.
In the last quarter of FY25, FSN E-Commerce Ventures reported a significant increase in consolidated net profit, jumping over two-fold to ₹13.64 crore compared to ₹5.42 crore in the same period the previous year.
Revenue from operations also saw a healthy growth of about 23%, rising from ₹1,421.82 crore to ₹1,746.11 crore.
The beauty segment of Nykaa was a key driver of this growth, with revenue increasing by approximately 23% to ₹1,593.51 crore from ₹1,298.36 crore in the June 2024 quarter.
Similarly, the fashion segment of Nykaa saw a growth of around 21%, with revenue reaching ₹148.6 crore compared to ₹122.45 crore in the previous year.
