Meet Harindarpal Singh Banga, who is set to earn Rs 809 crore by selling just 1.4% stake in...

Harindarpal Singh Banga, a prominent early investor in Nykaa, is set to sell a significant stake in the fashion giant. On August 23, Banga, alongside his wife Indra, will offload 1.4% of their shares in Nykaa, amounting to an impressive Rs 809 crore. The sale will occur through block deals, with 4.09 crore shares being offered at a floor price of Rs 198 each—a 5.9% discount to Thursday’s closing price of Rs 210.

The timing of this decision has raised eyebrows. Despite Nykaa's stock soaring 56% this year, significantly outperforming the benchmark Sensex's 24% rise, Banga’s move signals a strategic shift. As of Friday, the company's shares have already surged 7.20% to Rs 225.58, reflecting positive market reception to the news.

Harindarpal Singh Banga, who originally held a 6.4% stake in Nykaa, founded The Caravel Group, a global conglomerate involved in resources trading and maritime services. His decision to sell comes amid a notable rally in Nykaa's stock, which has seen a remarkable 15.08% increase over the past week.

The market’s reaction has been swift, with Nykaa shares trading higher in the last session of the week. This development not only highlights Banga’s strategic financial manoeuvre but also raises questions about his future plans and Nykaa’s market trajectory.

The upcoming sale is poised to impact Nykaa’s stock dynamics, and investors are keenly watching for further developments.