- Abu Dhabi Investment Authority sold Rs 2,390 crore shares in Lenskart on Monday
- ADIA reduced its stake in Lenskart from 9.77% to 7.76% after selling 3.5 crore shares
- Lenskart shares fell 3.10% to close at Rs 685.30 on the NSE following the stake sale
Abu Dhabi Investment Authority (ADIA) pared its holding in eyewear company Lenskart Solutions on Monday, selling shares worth Rs 2,390 crore in an open market transaction.
ADIA, through its affiliate Platinum Jasmine A 2018 Trust, sold 3.5 crore shares, representing a 2.01% stake in Gurugram-based Lenskart Solutions, according to the bulk deal data on the National Stock Exchange (NSE).
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The shares were offloaded at an average price of Rs 683.02 apiece, taking the aggregate value to Rs 2,390.57 crore.
The transaction brought ADIA's holding down to 7.76% from 9.77%. After the stake sale, ADIA will remain the second largest public shareholder in Lenskart after SoftBank.
The buyers of the shares could not be identified from the exchange data.
Lenskart's shares on Monday fell 3.10% to close at Rs 685.30 apiece on the NSE.
The stake sale comes after a series of transactions by existing investors in the eyewear retailer.
In June this year, technology investor SoftBank Group divested a 3.25% stake in Lenskart Solutions for Rs 2,873 crore.
In May, Lenskart reported a 7.5% year-on-year decline in consolidated profit after tax (PAT) to Rs 203.6 crore in the March quarter due to a rise in expenses on components and inventories.
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The company had posted a PAT of Rs 220.1 crore in the same period a year ago, according to a regulatory filing.
Its revenue from operations grew 45.62% to around Rs 2,516 crore in the March quarter from Rs 1,728 crore in the year-ago period.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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