Lenskart Bulk Deal: AIDIA Arm Pares Stake Worth Rs 2,930 Crore

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).

ALSO READ: Trade Setup For Sept 22: Nifty Bulls Eye 23,550 Breakout As Sub-$100 Oil Flips Sentiment | Check Key Levels

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. ​

ALSO READ: Buy, Sell Or Hold: L&T, Infosys, HAL, Bajaj Housing And Laurus Labs— Ask Profit

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.)

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.