Abu Dhabi Investment Authority (ADIA) has sold 35 million shares in Indian eyewear retailer Lenskart in a block deal worth INR23.9 billion ($250 million), reducing its stake in the company to 7.76%.
The shares were sold by Adia affiliate Platinum Jasmine A 2018 Trust at an average price of INR683 each, according to data from India’s National Stock Exchange. The buyer was not disclosed.
The transaction represents about 2% of Lenskart and marks ADIA’s second sell-down in the company this year. The UAE sovereign fund invested $500 million for a 10% stake in March 2023.
ADIA remains Lenskart’s second-largest public shareholder, behind SoftBank Vision Fund, which is backed by Saudi Arabia’s Public Investment Fund.
Lenskart shares closed more than 3% lower at INR683.85 on Monday following the deal, before trading 0.7% higher at INR688.85 in early trading on Tuesday.
In June, SoftBank Group also sold a 3.25% stake in Lenskart for INR2.9 billion. The company reported a 45.6% year-on-year increase in March-quarter revenue to INR25.16 billion, while consolidated profit declined 7.5% to INR2.04 billion.
Source: AGBI
