Private equity firm Lighthouse India will sell stake worth Rs 320 crore in FSN E-Commerce Ventures Ltd, the owner of beauty e-retailer Nykaa, via a block deal, CNBC Awaaz reported on November 21.
The shares would be offered at a price of around Rs 180-183.5 apiece, marking a discount of nearly two percent to the last closing price.
A total of around 1.8 crore shares or 0.65 percent of Nykaa's overall stake would be offloaded by Lighthouse through the block trade, the report added.
Bank of America will be the broker for the deal.
Nykaa's lock-in period ended on November 10, allowing promoters and investors to liquidate the pre-IPO securities held by them.
Almost 67 percent of Nykaa’s shareholding was released from lock-in with the end of the restricted period.
High net worth individuals like Narotam S Sekhsaria and Mala Gaonkar and PE/VC funds like Lighthouse India have sold part of their holdings in the company since the expiry of the lock-in period.
On November 11, TPG Growth had also sold 1,08,43,050 shares at an average price of Rs 186.4 apiece, taking the total transaction value to Rs 202 crore.
On November 18, around 54.2 million shares or 1.9 percent stake in Nykaa changed hands in two more block deals. The shares, worth around Rs 1,000 crore, were again offloaded by TPG Growth.
Nykaa's shares dropped by 4.6 percent at the stock market on November 21, as they settled at Rs 183.5 at the BSE, which was Rs 8.9 lower as against the previous day's close.
Nykaa had, notably, posted strong results in the second quarter of the current fiscal, with the net profit jumping multifold to Rs 5.19 crore, as compared to Rs 1.17 crore clocked in the year-ago period.
The consolidated revenue from operations during the September 2022 quarter jumped to Rs 1,230.8 crore, which was 39 percent higher as against the revenue of Rs 885.26 crore reported in the same quarter of the last fiscal.
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