Lenskart Lock-In Ends Today
According to Nuvama Alternative & Quantitative Research, the six-month lock-in for Lenskart ends today, with as many as 1,047.4 million shares becoming eligible to be traded. The number of shares that get freed up amount to 60% of the company’s outstanding equity.
Based on Thursday’s closing price, the value of the shares that get freed up once the lock-in ends is worth ₹51,573 crore.
It must be noted that the end of the shareholder lock-in does not mean all shares will be sold in the open market. They only become eligible to be traded.
Lenskart Block Deal Likely
Sources told CNBC-TV18 on Thursday evening that some existing investors are planning a clean-out trade in Lenskart, by looking to sell up to 70.2 million shares worth nearly $350 million via a block deal on Friday.
The sources also added that there is also an upsize option to the deal, in case of high demand.
Birdseye view holding, Tr Capital Mauritius, ABG Capital, and Kariba Holdings are planning to sell their entire stake, while another seller, Alpha Wave, will have a 90-day lock-in to sell any further stake, as per the sources.
Price for the block deal is said to be fixed at ₹470 apiece, a 3.6% discount to Thursday’s close of ₹492.4.
Based on Lenskart’s March quarter shareholding, Alpha Wave has close to 7% stake in the company, while Birdseye View Holdings has 1.92%. The names of other sellers do not feature in the shareholding list, as their stake may be less than 1%.
Shares of Lenskart Solutions ended 2.2% lower on Thursday at ₹492.4. The stock continues to trade above its issue price of ₹402 apiece.
