In a significant secondary market transaction, Harindarpal Singh Banga and his wife Indra Banga have divested a 2.1% stake in FSN E-Commerce Ventures Ltd, the parent company of beauty and fashion retailer Nykaa, for approximately ₹1,213.5 crore. The deal was executed through bulk trades on the BSE and NSE on Thursday.
The sale involved around 6 crore equity shares, priced at ₹202.25 per share, representing a 4.4% discount to Nykaa’s previous NSE closing price of ₹211.59. The transaction was facilitated by Goldman Sachs (India) Securities and JP Morgan India as brokers.
Following the sale, Harindarpal Banga’s holding in Nykaa has reduced from 4.97% to 2.87%, marking a continued dilution of his early investment in the company. In August 2024, the Banga family had similarly offloaded a 1.43% stake for ₹851.5 crore.
Shares of Nykaa reacted negatively to the stake sale, falling nearly 4% to ₹203.50 on both the BSE and NSE during Thursday’s trading session.
Nykaa recently reported a threefold increase in consolidated net profit to ₹20.28 crore for Q4 FY25, up from ₹6.93 crore in the same period last year. Revenue from operations rose 23.6% year-on-year to ₹2,061.76 crore. However, sequentially, both profit and revenue declined by over 20% and 9%, respectively.
The company is also expanding into the quick-commerce segment with its new service, “Nykaa Now,” offering deliveries within 30 to 120 minutes across major cities. Meanwhile, its fashion vertical, which generated ₹3,800 crore in GMV, continues to weigh on profitability with an EBITDA margin of –8.3% for FY25.
