Lenskart block deal: Key things to know

Global investors buy 2.3% stake for ₹1,960 crore

Global financial institutions, including Goldman Sachs, Morgan Stanley and Societe Generale, collectively acquired a 2.3% stake in eyewear retailer Lenskart Solutions through a block deal worth ₹1,960 crore on Thursday.

Who sold the stake?

The shares were sold by Platinum Jasmine A 2018 Trust, an investment vehicle of the Abu Dhabi Investment Authority (ADIA). The trust offloaded 4 crore shares in the Peyush Bansal-led company.

What was the deal size?

A total of 4 crore shares, representing a 2.3% stake in Lenskart, changed hands at an average price of ₹490 per share. The transaction was valued at ₹1,960 crore.

Who were the buyers?

Apart from Goldman Sachs, Morgan Stanley and Societe Generale, the buyer list included Integrated Core Strategies (Asia), Ghisallo Capital Management, Citigroup Global Markets Mauritius and Viridian Asset Management.

Domestic investors such as ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, SBI Mutual Fund, Canara Robeco Mutual Fund, Franklin Templeton Mutual Fund, Aditya Birla Sun Life Mutual Fund and Alpha Alternatives Holdings also participated.

Insurance companies including ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, HDFC Life Insurance and NPS Trust were among the buyers.

How much stake does ADIA hold now?

Following the transaction, ADIA's stake in Lenskart declined to 9.78% from 12.08%, though it remains one of the company's significant shareholders.

What about SoftBank?

The block deal comes a week after technology investor SoftBank Group sold a 3.25% stake in Lenskart for ₹2,873 crore. SoftBank was among the company's largest shareholders before its public listing.

How did the stock react?

Lenskart shares rose 0.37% to close at ₹502 apiece on the NSE following the transaction, indicating positive investor sentiment despite the large stake sale.

How did Lenskart perform in Q4?

Lenskart reported a 7.5% year-on-year decline in consolidated profit after tax to ₹203.6 crore in the March quarter, compared to ₹220.1 crore a year earlier.

However, revenue from operations surged 45.6% year-on-year to ₹2,516 crore from ₹1,728 crore, reflecting strong business growth across its online and offline channels.

Lenskart operates one of India's largest eyewear retail networks, with thousands of stores across domestic and international markets. The company also manufactures eyewear products through its in-house production facilities.