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Asset management firm Lexdale International sold over 2.6 crore shares or just under 1 per cent of the equity of FSN E-Commerce Ventures, which operates beauty and fashion retailer Nykaa, on the BSE for a value of over Rs 495 crore.
The transaction on the block deal window of the exchange was done at Rs 188.83, exchange data showed.
The entire share capital of Lexdale International is beneficially owned by Harindarpal Singh Banga and his spouse. As on September-end, Banga had a 6.4 per cent stake in Nykaa.
The asset management firm had invested in Nykaa in 2020 and had divested some stake at the time of its initial public offering.
In the quarter to December, the company had said that it expected consolidated sales of its business to have grown at low to mid-teens.
The gross merchandise value (GMV) of its beauty and personal care business is expected to have grown in the mid-20s and the net sales value (NSV) around 20 per cent. It added that while the overall consumption story was strong in the economy, there was some impact on discretionary consumption due to short term pressures.
“The difference in GMV and NSV growth is primarily due to brand led pricing and discounting, mainly in mass and masstige categories. The underlying order volume growth is healthy and consistent, reflecting strong customer demand,” it had said.
Shares of Nykaa have risen around 10 per cent so far this year.
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