Mumbai, July 2 -- Harindarpal Singh Banga, along with Indra Banga, will sell a 2.1% stake worth $140.3 million (approximately Rs.1,200 crore) in beauty and personal care company Nykaa through a block deal, according to a term sheet accessed by Mint.

The Bangas, among Nykaa's earliest investors, are offloading about 60 million shares at an offer price of Rs.200 per share, a 5.5% discount to the latest closing price, the term sheet showed.

FSN E-Commerce Ventures Ltd, which operates Nykaa, closed 2.1% lower at Rs.211.59 on Wednesday on the National Stock Exchange. The stock has gained 28.7% so far this year.

Goldman Sachs and JP Morgan are managing the transaction. Banga, Nykaa, JP Morgan, and Goldman Sachs did not immediately respond to...