Lexdale International sells around 1% stake in FSN E-commerce for Rs 495 crore
Lexdale International on Friday sold around 1% stake in FSN E-commerce through the open market for Rs 495 crore.
The asset management firm sold 2,62,37,880 shares of the Nykaa brand owner at Rs 188.83 a share, bulk deals data showed. Shares of Nykaa parent ended 3% down on the National Stock Exchange at Rs 187.60.
Lexdale was a pre-IPO investor in FSN E-Commerce and the asset management firm sold partial stake in the initial public offering of Nykaa.
Lexdale International is beneficially owned by Harindarpal Singh Banga and his spouse, according to reports. As of September-end, Banga held a 6.4% stake in Nykaa parent.
For the quarter ended December, FSN E-commerce expects consolidated revenue to grow in low-twenties, and net sales value in mid-twenties on a year-on-year (YoY) basis.
In value terms, the beauty and personal care business is expected to grow in low- and mid-twenties, the company said in its provisional update.
“We believe Nykaa’s BPC growth for the quarter is ahead of industry growth.
However, we believe current industry growth is below long-term trajectory and should revert to the median in the near to mid-term, given the strong macroeconomic and demographic outlook,” the company said.
In the fashion segment, the industry-level consumption remained muted and did not see any uplift even during the festive season, Nykaa said.
