A shareholder in India’s Nykaa (FSNE.NS) Hong Kong-based investor Harindarpal Singh Banga and his family, plan to sell stake worth 12.84 billion rupees ($149.93 million) in the beauty products retailer through a block deal, news portal NDTV Profit reported on Wednesday.

The sale will likely be at a 4% discount to Nykaa’s current market price, the report said, citing people aware of the development.

Nykaa’s shares closed 2.2% higher at 211.59 rupees. The company did not immediately respond to a Reuters request for comment.

Banga, who invested in Nykaa before it went public, owned 4.97% stake in the company as of March 2025, exchange data showed. He pared some of his stake in August last year, selling 40.9 million shares via a bulk deal.

The Indian market logged $5.5 billion worth of secondary market sales by large shareholders of listed companies last month, according to LSEG data. These include Reliance Industries’ (RELI.NS) stake sale in Asian Paints (ASPN.NS) and British American Tobacco’s $1.5 billion stake sale in ITC (ITC.NS).

($1 = 85.6420 Indian rupees)

News Credits- Reuters