ADIA sells 2.01% stake in Lenskart Solutions for ₹2,390 crore
The stake sale reduces ADIA’s interest in the eyewear retailer, following SoftBank’s ₹2,873-crore divestment earlier this year.
Abu Dhabi Investment Authority (ADIA) reduced its ownership stake in eyewear firm Lenskart Solutions by selling 2.01% of its shares on the open market, according to bulk deal data on the National Stock Exchange (NSE). The sale, executed through ADIA's affiliate Platinum Jasmine A 2018 Trust, involved the transfer of 3.5 crore shares, representing a value of ₹2,390 crore.
This transaction brought ADIA's stake down from 9.77% to 7.76%, making the United Arab Emirates-based sovereign wealth fund the second largest public shareholder after SoftBank. The identity of the buyers remained undisclosed in the exchange data. Lenskart Solutions' shares experienced a decline of 3.10% on the NSE, closing at Rs 685.30 each.
This stake sale follows a series of transactions by other investors in the eyewear retailer, including SoftBank's divestment of a 3.25% stake in June for ₹2,873 crore. In May, Lenskart reported a 7.5% year-on-year decline in consolidated profit after tax to ₹203.6 crore in the March quarter, amidst rising expenses on components and inventories. The company had posted a profit of ₹220.1 crore in the same period a year earlier.
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