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Lenskart Shares Slump 5% Amid Bulk Deal Buzz

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Lenskart Shares Slump 5% Amid Bulk Deal Buzz

Shares of Lenskart Solutions fell as much as 5% during intraday trade to hit a low of ₹643.80 on the BSE today as a proposed stake sale by early investor Alpha Wave Ventures weighed on the stock.

At 13:43 IST, the stock was trading 4.07% lower at ₹650.15. Its market capitalisation of ₹1,13,098.38 Cr.

As per   media reports, Alpha Wave Ventures is looking to sell up to 1.6% of its stake in Lenskart for as much as ₹1,691 Cr, with the offer priced at a floor of ₹640 per share. The floor price is at a 5.6% discount to the stock’s closing price of ₹677.65 on October 9.

The proposed sale comprises 15.1 Mn shares, or a 0.9% stake, with an option to sell another 11.3 Mn shares, equivalent to 0.7%. If the investor sells the full 26.4 Mn shares on offer, its holding in Lenskart will fall to 1.82% from 3.42%.

The latest move adds to a series of stake sales by Lenskart’s early investors in recent months, with Alpha Wave itself having sold shares worth ₹1,856.8 Cr in August.

In August, Alpha Wave Ventures sold 2.94 Cr Lenskart shares through multiple block deals at ₹630 apiece, according to NSE data. The transaction fetched the investor ₹1,856.8 Cr.

The shares were picked up by a mix of institutional investors, including the National Pension System (NPS) Trust, ICICI Prudential Mutual Fund, Bajaj Life Insurance, HDFC Life Insurance, Goldman Sachs, Morgan Stanley and Kuwait Investment Authority.


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