Reportedly 4.09 crore shares, or 1.4% of the equity changed hands in the aforementioned block deal.
According to the term sheet issued by the bankers, the Bangas plan to sell their stake at a floor price of Rs 198 apiece, which represents a 5.9% discount to Thursdayβs closing price of Rs 210.
Harindarpal was an early investor in Indian billionaire Falguni Nayarβs 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 rallied 19% to its new all-time high of Rs 228.50 on BSE on Wednesday, its largest intraday gain for the company since November 2022.Nykaaβs shares have demonstrated a strong performance this year, rising by 23% so far, significantly outpacing the Nifty index, which has returned around 14% over the same period. Over the last 12 months, the companyβs shares have gained an impressive 60%, showcasing robust investor confidence in the direct-to-consumer (D2C) online beauty retailer.The investor enthusiasm in Nykaaβs stock was also fueled after the company reported a Rs 13.64 crore profit in the first quarter ended June 2024, displaying a 152% YoY jump. The revenue from operations for the reporting quarter stood at Rs 1,746.11 crore, which was also up by 23% from Rs 1,421.82 crore reported in the corresponding quarter of the previous financial year.Nykaaβs shares have rallied 60% in the last one year while in the last six months, the stock has surged 42.4%. In the current year so far, the shares have increased by 26%.
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