Lenskart Block Deal: Eyewear retailer Lenskart is likely to witness another large block deal on June 11, with Abu Dhabi Investment Authority (ADIA)-backed Platinum Jasmine A 2018 Trust planning to sell a part of its holding in the company. The proposed transaction comes just days after SoftBank trimmed its stake in the recently listed eyewear major.
Platinum Jasmine A 2018 Trust is expected to offload up to 4 crore shares of Lenskart, representing nearly 2.3 per cent of the company’s outstanding equity capital. The transaction could raise as much as Rs 1,944 crore.
Platinum Jasmine A 2018 Trust is backed by the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds. ADIA is the sole beneficiary and settlor of the trust.
The proposed transaction is entirely secondary in nature, meaning the proceeds from the sale will go to the existing shareholder and not to Lenskart itself. Following the stake sale, the seller will reportedly be subject to a 90-day lock-up period on its remaining holding.
Comes after SoftBank’s recent stake sale
The planned block deal follows a major transaction last week in which SoftBank-backed SVF II Lightbulb (Cayman) Ltd sold a 3.25 per cent stake in Lenskart through a block deal worth around Rs 2,873 crore. The shares were sold at an average price of Rs 508.55 apiece.
Following that transaction, SoftBank’s stake in Lenskart declined from 13.13 per cent to 9.88 per cent.
Lenskart Block Deal: Key highlights
Lenskart’s shares closed at Rs 500.50 on Wednesday, down 0.58 per cent. The company’s stock has seen a rise of 2.17 per cent over the past month.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
