Lenskart block deal: Lenskart Solutions share price crashed over 5% in Monday’s trading session amid reports of likely block deal by Alpha Wave Ventures. Lenskart share price opened at ₹650 per share on NSE today, as compared to previous close of ₹677.85 on Friday last week an touched an intraday low of ₹643.75 on 12 October.
Lenskart block deal details
According to CNBC TV18 report, as many as 2.93 crore shares of Lenskart Solutions, representing 1.67% of the company’s equity, were traded through block deals on Monday, October 12. The transaction was valued at ₹1,895 crore, with the shares changing hands at ₹647 apiece. The identities of the buyers and sellers have not yet been disclosed.
The report further revealed that Alpha Wave Ventures LP was likely to sell up to a 1.6% stake in Lenskart for as much as ₹1,691 crore. The proposed sale was pegged at a floor price of ₹640 per share, representing a 5.2% discount to the stock’s closing price on Friday.
The base offer size covered a 0.9% stake worth ₹966 crore, with an option to increase the sale by another 0.7% stake valued at ₹725 crore, the sources said. The sellers would be subject to a 30-day lock-in period before undertaking any further stake sale.
According to stock exchange data, promoter entities held a 17.53% stake in Lenskart at the end of the June quarter, while public shareholders owned 82.05%. Alpha Wave Ventures LP held a 3.42% stake in the company at the time and had already sold a portion of its holding in August.
On August 28, Alpha Wave Ventures sold 2.95 crore Lenskart shares, equivalent to around 1.7% of the company’s equity, for ₹1,857 crore through a block deal at an average price of ₹630 per share. It was the second block deal involving the company that month. The buyers included the National Pension System, ICICI Prudential Mutual Fund and WhiteOak Capital Mutual Fund.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
About The Author
