Lighthouse India sells 0.65% stake in Nykaa through a block deal

22 Nov 2022 , 11:41 AM

Private equity firm Lighthouse India has through a block deal sold 0.65% stake in FSN E-Commerce Ventures Ltd, the company that owns the beauty e-retailer Nykaa, for 320 crore rupees.

The shares were  sold at a discount of roughly 2% from the previous closing price, or about Rs 180-183.5 per share. Lighthouse sold 1.8 crore shares in all, or 0.65 percent of Nykaa’s entire ownership, through the block deal, the newspaper said.

The broker for the transaction is Bank of America. The lock-in period for Nykaa expired on November 10, allowing investors and promoters to sell the pre-IPO assets they had been holding. With the end of the limited period, about 67 % of Nykaa’s stock was no longer locked in.

Since the lock-in period’s expiration, high-net-worth individuals such Narotam S. Sekhsaria and Mala Gaonkar, as well as PE/VC funds like Lighthouse India, have sold a portion of their shares in the company. TPG Growth also sold 1,08,43,050 shares on November 11 for an average price of Rs 186.4 per share, bringing the total transaction value to Rs 202 crore.

On November 21, Nykaa’s stock fell by 4.6 %, ending the day at Rs 183.5 on the BSE, which was Rs 8.9 less than the previous day’s finish.

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