Early backers to sell 2.1% stake in Nykaa at discount

Nykaa plans to scale its physical footprint across tier-II, III cities, increasing store count from 237 to over 500 by FY30

- Priyamvada C & Sneha Shah

Arindarpal Singh Banga, along with Indra Banga, will sell a 2.1% stake worth $140.3 million (approximately ₹1,200 crore) in beauty and personal care company Nykaa through a block deal, according to a term sheet accessed by Mint.

The Bangas, among Nykaa's earliest investors, are offloading about 60 million shares at an offer price of ₹200 per share, a 5.5% discount to the latest closing price, the term sheet showed.

FSN E-Commerce Ventures Ltd, which operates Nykaa, closed a little over 2% higher at ₹211.59 on Wednesday on the NSE. The stock has gained 28.7% so far this year.

Goldman Sachs and JP Morgan are managing the transaction. Banga, Nykaa, JP Morgan and Goldman Sachs did not immediately respond to Mint's requests for comment.