FSN E-Commerce Ventures Sees Major Stake Divestment by Investor Harindarpal Singh Banga

A public shareholder, Harindarpal Singh Banga, divested a 1.43 per cent stake in FSN E-Commerce Ventures Ltd, the owner of beauty brand Nykaa, for Rs 851 crore. Following the sale, his stake dropped to 4.97 per cent. Major mutual funds and investment firms acquired the shares.

In a significant move, public shareholder Harindarpal Singh Banga offloaded a 1.43 per cent stake in FSN E-Commerce Ventures Ltd, the parent company of beauty brand Nykaa, for Rs 851 crore in an open market transaction on Friday.

According to bulk deal data on the BSE, Banga sold over 4 crore shares at Rs 208.30 apiece, reducing his shareholding in Nykaa from 6.40 per cent to 4.97 per cent.

Banga, a commodities billionaire and chairman of the Caravel Group, was an early investor in Nykaa, which went public in 2021. The shares were acquired by prominent mutual funds and investment firms including Nippon India MF, HSBC MF, and Goldman Sachs.

(With inputs from agencies.)