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[Update] Alpha Wave Ventures Sells Lenskart Shares Worth ₹1,705 Cr

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[Update] Alpha Wave Ventures Sells Lenskart Shares Worth ₹1,705 Cr

Lenskart early backer Alpha Wave Ventures has sold 2.64 Cr shares in a bulk deal valuing the stock at ₹645.31 apiece. The investor raked in ₹1,704.8 Cr via the stake sale today. The details of the buyers couldn’t be immediately discerned.

Shares of Lenskart ended today’s trading session 4.4% lower at ₹647.95 apiece on the BSE. Its market capitalisation stood at ₹1,12,698.3 Cr ($11.7 Bn) at the end of the day. The bearish momentum of the stock came after reports of early investor Alpha Wave Ventures stake sale surfaced.

As per reports, the VC firm plans 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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