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News Topical, Digital Desk : The Banga family, which has been supporting Nykaa from the beginning, is now going to sell about 2% of its stake in the company, from which they are expected to get around $150 million (about Rs 1,250 crore). This deal will be done through a block deal. The Banga family so far holds more than 4% stake in FSN E-commerce, the company that runs Nykaa. Now this family will sell half of its stake, i.e. about 16 million shares. These shares will be sold at a discount of 4-5% from the share price of July 2 (₹ 211.8). Even after this deal, the Banga family will still have about 2–2.5% shares in Nykaa.
Who is the Banga family?
The head of the family, Harinderpal Banga, is considered a veteran of the shipping industry and runs The Caravel Group - a global company engaged in maritime services, trading and asset management. The Banga family invested in Nykaa in 2014, when the value of the company was just $20 million. Now the value of the company is around $700 million - meaning the family has made tremendous profits from this investment.
Shares have been sold earlier too The Banga family had sold Nykaa shares in 2024 as well, earning them Rs 809 crore. At that time the share price was ₹ 198.
Nykaa has not responded Nykaa has not yet responded to Moneycontrol's questions.
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