<p>New Delhi: Harindarpal Singh Banga and his wife Indra Banga on Thursday divested a 2.1 per cent stake in FSN E-Commerce Ventures, the parent company of fashion and beauty retailer <a href="https://www.deccanherald.com/tags/nykaa">Nykaa</a>, through bulk deals worth Rs 1,213 crore.</p><p>Following the stake sale, shares of Nykaa declined by 4 per cent to Rs 203.50 apiece on the BSE, and by 3.82 per cent to Rs 203.50 per piece on the NSE.</p><p>Harindarpal Singh is a commodities billionaire and Chairman and CEO of Hong Kong-based Caravel Group. Banga was an early investor in Nykaa, which went public in 2021.</p><p>As per the deal, up to 6 crore equity shares of FSN were sold at a final price of Rs 202.25 per share. This represents a discount of about 4.4 per cent to FSN's closing price of Rs 211.59 on NSE on Wednesday, as per the term sheet accessed by <em>PTI</em>.</p>.HDFC Bank CEO moves SC challenging FIR by Lilavati Trust; hearing on Friday.<p>Goldman Sachs (India) Securities and J P Morgan India were the brokers for the deal.</p><p>The transaction comprises a sale of approximately 6 crore shares amounting to around 2.1 per cent stake in FSN.</p><p>At the final price, the total deal size is estimated at Rs 1,213.5 crore (USD 141.9 million), which is executed in one or more bulk deals on the BSE and NSE. The offer is entirely secondary in nature.</p><p>After the latest transaction, Harindarpal's holding in Nykaa has come down to 2.87 per cent from 4.97 per cent.</p><p>Last month, FSN said it has set a break-even target of FY26 for its cash-burning fashion arm on account of marketing efficiencies, overhead leverage, and own-brand growth.</p>.Indian services sector growth touches 10-month high in June on sharp upturn in new business: PMI.<p>Nykaa is also making a foray into the quick-commerce arena with "Nykaa Now", which offers delivery time of 30 to 120 minutes across seven major cities. The service is backed by a network of beauty warehouses, physical retail stores and rapid stores across the country.</p><p>The fashion vertical, which generated about Rs 3,800 crore in GMV (Gross Merchandise Value), is currently a drag on consolidated profitability, posting a EBITDA margin of (-) 8.3 per cent for FY25.</p><p>In May, Nykaa reported over threefold increase in consolidated net profit to Rs 20.28 crore for the March quarter.</p><p>The fashion and beauty retailer had logged a profit (attributable to equity shareholders of the parent) of Rs 6.93 crore in the year-ago period, according to a regulatory filing.</p><p>Revenue from operations was 23.6 per cent higher at Rs 2,061.76 crore during the quarter, against Rs 1,667.98 crore a year earlier.</p>.Indian tech startup funding down 25% YoY in 2025 so far.<p>However, seen sequentially, profit and revenue fell 22.3 per cent and 9 per cent, respectively.</p><p>In 2024-25, profit more than doubled to Rs 66.08 crore, from Rs 32.26 crore in the previous fiscal year. Revenue from operations stood at Rs 7,949.82 crore, 24.4 per cent higher than Rs 6,385.62 crore in FY24.</p><p>In FY25, Nykaa saw its cumulative customer base grow 28 per cent year-on-year to over 42 million.</p><p>In August last year, Harindarpal Singh Banga divested over 4 crore shares, or 1.43 per cent stake, in Nykaa for Rs 851.50 crore.</p>
<p>New Delhi: Harindarpal Singh Banga and his wife Indra Banga on Thursday divested a 2.1 per cent stake in FSN E-Commerce Ventures, the parent company of fashion and beauty retailer <a href="https://www.deccanherald.com/tags/nykaa">Nykaa</a>, through bulk deals worth Rs 1,213 crore.</p><p>Following the stake sale, shares of Nykaa declined by 4 per cent to Rs 203.50 apiece on the BSE, and by 3.82 per cent to Rs 203.50 per piece on the NSE.</p><p>Harindarpal Singh is a commodities billionaire and Chairman and CEO of Hong Kong-based Caravel Group. Banga was an early investor in Nykaa, which went public in 2021.</p><p>As per the deal, up to 6 crore equity shares of FSN were sold at a final price of Rs 202.25 per share. This represents a discount of about 4.4 per cent to FSN's closing price of Rs 211.59 on NSE on Wednesday, as per the term sheet accessed by <em>PTI</em>.</p>.HDFC Bank CEO moves SC challenging FIR by Lilavati Trust; hearing on Friday.<p>Goldman Sachs (India) Securities and J P Morgan India were the brokers for the deal.</p><p>The transaction comprises a sale of approximately 6 crore shares amounting to around 2.1 per cent stake in FSN.</p><p>At the final price, the total deal size is estimated at Rs 1,213.5 crore (USD 141.9 million), which is executed in one or more bulk deals on the BSE and NSE. The offer is entirely secondary in nature.</p><p>After the latest transaction, Harindarpal's holding in Nykaa has come down to 2.87 per cent from 4.97 per cent.</p><p>Last month, FSN said it has set a break-even target of FY26 for its cash-burning fashion arm on account of marketing efficiencies, overhead leverage, and own-brand growth.</p>.Indian services sector growth touches 10-month high in June on sharp upturn in new business: PMI.<p>Nykaa is also making a foray into the quick-commerce arena with "Nykaa Now", which offers delivery time of 30 to 120 minutes across seven major cities. The service is backed by a network of beauty warehouses, physical retail stores and rapid stores across the country.</p><p>The fashion vertical, which generated about Rs 3,800 crore in GMV (Gross Merchandise Value), is currently a drag on consolidated profitability, posting a EBITDA margin of (-) 8.3 per cent for FY25.</p><p>In May, Nykaa reported over threefold increase in consolidated net profit to Rs 20.28 crore for the March quarter.</p><p>The fashion and beauty retailer had logged a profit (attributable to equity shareholders of the parent) of Rs 6.93 crore in the year-ago period, according to a regulatory filing.</p><p>Revenue from operations was 23.6 per cent higher at Rs 2,061.76 crore during the quarter, against Rs 1,667.98 crore a year earlier.</p>.Indian tech startup funding down 25% YoY in 2025 so far.<p>However, seen sequentially, profit and revenue fell 22.3 per cent and 9 per cent, respectively.</p><p>In 2024-25, profit more than doubled to Rs 66.08 crore, from Rs 32.26 crore in the previous fiscal year. Revenue from operations stood at Rs 7,949.82 crore, 24.4 per cent higher than Rs 6,385.62 crore in FY24.</p><p>In FY25, Nykaa saw its cumulative customer base grow 28 per cent year-on-year to over 42 million.</p><p>In August last year, Harindarpal Singh Banga divested over 4 crore shares, or 1.43 per cent stake, in Nykaa for Rs 851.50 crore.</p>