The Banga family, which includes shipping tycoon Harindarpal Banga, known as Harry Banga, and others, will soon launch block deals to sell nearly 2 percent of its stake, or half of what it owns, in FSN E-commerce, the company that runs and operates Nykaa, sources aware of the developments told Moneycontrol.

A total of 16 million shares in FSN E-commerce will change hands at a discount of 4-5 percent from July 2 levels. At the end of day’s session on July 2, FSN E-commerce shares were trading at Rs 211.8 apiece, up 2.3 percent on the BSE.

"The family owns over 4 percent in the company and will sell half of its stake, around 2 percent," one of the persons cited above said. "The family will continue to hold the remaining 2-2.5 percent stake in Nykaa."

Nykaa did not immediately respond to Moneycontrol's queries.

The Banga family is one of the earliest backers of Nykaa. The family invested in the beauty and personal care platform back in 2014 and had picked up shares when the company was worth $20 million. Eleven years since, the company has grown multifold and is now worth around $700 million, resulting in significant upside for the Banga family.