Harindarpal Singh Banga to sell 1.4% stake in Nykaa for Rs 809 crore

Mumbai: Businessman Harindarpal Singh Banga and wife Indra Banga are likely to sell a 1.4% stake worth Rs 809 crore on Friday through block deals. According to the term sheet issued by the bankers, the Bangas plan to sell 4.09 crore shares at a floor price of Rs 198 apiece, which represents a 5.9% discount to Thursday’s closing price of Rs 210.

Harindarpal was an early investor in Indian billionaire Falguni Nayar’s fashion giant Nykaa and held a 6.4% stake. He founded The Caravel Group, a global conglomerate primarily engaged in resources trading, maritime services, and asset management.

Shares of Nykaa have rallied 56% so far this year, compared to a 24% rise in the benchmark Sensex.