Nykaa block deal: Lighthouse India Fund sells stake for ₹336 cr; BofA, Morgan Stanley buy
The much-anticipated block deal in e-retailer Nykaa has taken place on Tuesday with Lighthouse India Fund III offloading a portion of its shareholding in the company to the tune of over ₹335.72 crore. While a total of 11 renowned companies and fund houses were net buyers in Nykaa aggregating around ₹152.88 crore. Among the major firms that picked Nykaa shares in the block deal were BofA Securities, Morgan Stanley, and BNP Paribas.
As per the block deal data on BSE, Lighthouse India Fund III offloaded more than 1.84 crore equity shares in Nykaa at a price of ₹182 per share — amounting to approximately ₹335.72 crore.
As of November 12, 2022, Nykaa’s shareholding pattern on BSE showed that Lighthouse India Fund III held over 5.81 crore equity shares or 2.04% in Nykaa. That being said, with the latest block deal, Lighthouse India Fund III has reduced its stake in the company.
On the other hand, during the block deal, BofA Securities Europe SA purchased over 7.78 lakh equity shares in Nykaa, while Societe Generale bought 9 lakh shares, BNP Paribas Arbitrage purchased about 13.50 lakh shares, Morgan Stanley Asia Singapore bought over 29.17 lakh shares, and Ontario Teachers’ Pension Plan Board bought 34.50 lakh shares in the company.
Among fund houses, Axis Mutual Fund purchased 5.5 lakh shares, Regal Investment Fund bought over 2.80 lakh shares, Tasman Market Neutral Fund purchased over 1.83 lakh shares, Amazon Market Neutral Fund picked over 1.85 lakh shares, Aditya Birla Sun Life Mutual Fund purchased 26 lakh shares, and ICICI Prudential Mutual Fund bought 46 lakh shares in Nykaa during the block deal.
The shares that were purchased in Nykaa during the deal were at a price of ₹182 per share as well.
On Tuesday, Nykaa shares closed at ₹175.20 apiece down by 4.55% on BSE. The company’s market cap is around ₹49,901.79 crore. This week, in just two trading sessions, Nykaa shares have nosedived by about 10% on Dalal Street.
During second quarter of FY23, the company posted a consolidated net profit of ₹5.2 crore — rising by 330% as compared to ₹1 crore in the year-ago quarter. Revenue from operations jumped by 39% to ₹1,230 crore from ₹885 crore in the same quarter of the previous fiscal. As of September 30, 2022, Nykaa increased its physical store count to 124 stores, including two new Fashion stores, with a total area of 1.2 Lacs sq. ft. across 53 cities.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.