Lenskart Solutions Ltd. SHARES DROP OVER 4%

Shares of Lenskart Solutions declined more than 4% in early trade on Monday after approximately 2.93 crore shares changed hands in block deals, with global investment firm Alpha Wave Ventures LP emerging as a likely seller. The transactions involved 1.67% of the company’s total equity and were executed at ₹647 per share, taking the total deal value to around ₹1,895 crore. The identities of the buyers and sellers had not been officially confirmed at the time. The development follows Alpha Wave Ventures planned to sell up to 1.6% of its stake in Lenskart through block deals. The proposed sale included a base offer of ₹966 crore, equivalent to approximately 0.9% of the company’s equity, along with an option to increase the transaction by another ₹725 crore for an additional 0.7% stake. The floor price was set at ₹640 per share, representing a 5.56% discount to Lenskart’s previous closing. The latest transaction comes amid a series of stake sales by institutional investors in the eyewear retailer. In late August, Alpha Wave Ventures sold 2.95 crore shares, equivalent to a 1.7% stake, for approximately ₹1,857 crore at an average price of ₹630 per share. The buyers included the National Pension System, ICICI Prudential Mutual Fund and WhiteOak Capital Mutual Fund. Earlier, on September 21, around 3.6 crore Lenskart shares, representing 2.07% of the company’s equity, were traded in block deals worth ₹2,468 crore at ₹688 per share. The transaction followed reports that Platinum Jasmine A 2018 Trust, an investment vehicle of the Abu Dhabi Investment Authority, was considering reducing its stake in the company.