BAJAJ BROKING
ICICI Prudential Mutual Fund bought 1.5 crore Nykaa shares for ₹256 crore from Canada Pension Plan as the latter sold its stake. The deal was executed at an average price of ₹174.04 per share. The Canadian fund's stake in the company drops below 1%
ICICI Prudential Mutual Fund recently made a significant investment in Nykaa, acquiring 1.5 crore shares at an average price of ₹174.04 per share. This transaction, valued at ₹256 crore, marks a shift in the ownership structure of the beauty and wellness e-commerce platform.
The shares were purchased from the Canada Pension Plan Investment Board, which, as of March, held a 1.5% stake in Nykaa. Following this transaction, the Canadian fund's stake in the company will drop to below 1%.
Previously, in November 2022, the Canada Pension Plan had acquired 1.7 crore shares in Nykaa for ₹299 crore, at an average price of ₹175.25 per share.
ICICI Prudential Mutual Fund, the second-largest fund house in India, executed this purchase under two of its schemes—ICICI Prudential Technology Fund and ICICI Prudential India Opportunities Fund. This acquisition reflects the fund house's strategic interest in the burgeoning e-commerce sector.
Explore: Icici Pru Life Ins Co Ltd Share Price
Nykaa, listed under FSN E-Commerce Ventures, saw its shares reach a record high of ₹429 shortly after its market debut. However, the stock has since lost 58% of its value and is currently trading below the offer price. Despite this decline, the company has demonstrated robust financial performance.
Additional Read: Fsn E Commerce Ventures Share Price
Nykaa's brick-and-mortar retail business faced challenges due to elections and heat waves across North India. Nevertheless, the company's strong online presence and financial growth indicate a positive outlook for the future.
ICICI Prudential's substantial investment in Nykaa underscores the mutual fund's confidence in the company's growth potential, despite recent stock market challenges. This move aligns with broader trends in the investment landscape, where major funds are increasingly focusing on tech-driven and e-commerce ventures.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
7th Pay Commission Leave Rules & Holidays in India
11 Dec, 2024 | 5 Min. read
Wipro Ltd
11 Dec, 2024 | 7 Min. read
Aditya Birla Group
11 Dec, 2024 | 10 Min. read
What is the Lock-in Period in IPO
11 Dec, 2024 | 6 Min. read
Textile Sector in India
11 Dec, 2024 | 11 Min. read
Step-by-Step Guide to Accessing Your Income Tax Assessment Order Online
11 Dec, 2024 | 3 Min. read
IPO vs FPO vs OFS: Key Differences in How Companies Raise Capital
11 Dec, 2024 | 8 Min. read
Gold Price in India - Gold Prices Edge Higher as Futures Hit $2,654.50
11 Dec, 2024 | 39 Min. read
Indian Overseas Bank Secures ₹1,359 Crore Income Tax Refund for AY 2015-16
11 Dec, 2024 | 2 Min. read
HG Infra Secures ₹899 Crore NH-227B Road Upgrade Project in UP
11 Dec, 2024 | 2 Min. read
NTPC Green Energy Secures 500 MW Solar Project with 250 MW ESS from SECI
11 Dec, 2024 | 2 Min. read
Awfis Space ₹583 Crore Block Deal Launches at ₹680 Floor Price
11 Dec, 2024 | 2 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading