Lenskart Block Deal: ADIA Arm Plans To Sell Nearly Rs 2,000-Crore Stake

Platinum Jasmine A 2018 Trust, an investment vehicle backed by the Abu Dhabi Investment Authority (ADIA), is set to dilute its holdings in the eyewear retailer Lenskart through a block deal. According to term sheet accessed by Bloomberg, the ADIA-controlled entity is offering up to 4 crore, or 40 million, shares. This translates to a 2.3% equity stake in the omnichannel giant.

The floor price for the transaction has reportedly been set at Rs 486 per share. This pricing represents a 2.8% discount to Lenskart's Wednesday closing price of Rs 500.15 on the BSE. At the designated floor price, the total secondary transaction value is estimated at approximately Rs 1,944 crore, or $204 million.

IIFL Capital Services has been appointed as the sole placement agent to manage the share sale, according to reports.

The deal terms reportedly stipulate that the seller will be subject to a 90-day lock-up period on its remaining shareholding following the successful execution of the transaction.

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This divestment by Platinum Jasmine comes on the heels of another major exit. Last week, SoftBank affiliate SVF II Lightbulb (Cayman) offloaded 5.65 crore shares of Lenskart at Rs 508.55 apiece, raising around Rs 2,873 crore. That particular block deal saw robust participation from marquee domestic and global institutional investors.

These back-to-back stake sales underscore the significant institutional appetite for Lenskart. The company has rapidly emerged as a dominant tech-led consumer brand in the Indian market, continuing to attract strong secondary market interest.

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