Lenskart Solutions share price dropped over 3% in early deals on Monday, 21 September, due to a likely block deal of 3 crore shares, or around 1.7% of the company’s equity. Lenskart Solutions shares opened at ₹687.95 against their previous close of ₹706.60 and dropped 3.1% to an intraday low of ₹684.60.
Lenskart Solutions block deal
Platinum Jasmine A 2018 Trust, an investment vehicle backed by ADIA, is likely to offload its 1.7% stake in Lenskart Solutions in a ₹2,047.4 crore block deal, NDTV reported, citing sources.
According to NDTV, the block deal has been priced at ₹682.45 per share, a 3.5% discount to Lenskart Solutions’ Friday closing price of ₹707.20. Morgan Stanley is acting as the broker for the transaction.
According to BSE shareholding data, Platinum Jasmine A 2018 Trust held 16,98,15,438 shares, equivalent to a 9.77% stake, in Lenskart Solutions at the end of the June quarter, down from 20,98,15,438 shares, or 12.08% stake, at the end of the March quarter.
Foreign portfolio investors (FPIs), however, increased their stakes in Lenskart in the June quarter of the current year, as they cumulatively held 22,18,06,670 shares, or 12.76% stake, in the company by the end of the said quarter compared to 7,39,09,770 shares, or 4.26% stake, held in the March quarter.
Earlier, Japan-based SoftBank Group, through its affiliate SVF II Lightbulb (Cayman) Ltd, further pared its stake in Lenskart in August, selling 4.5 crore company shares across 22 tranches for a total consideration of ₹2,887.87 crore. The shares were sold at an average price of ₹641.75 apiece.
Lenskart Solutions share price trend
The stock rose about 4% last week, while on a monthly scale, it is up nearly 7% so far in September, looking set to extend gains for the third consecutive month.
Year-to-date, the stock has gained 58% compared to a 12% fall in the equity benchmark Sensex.
The stock hit a 52-week high of ₹725 on Friday, 18 September, while it touched a 52-week low of ₹355.70 on 10 November last year.
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