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An investment arm of the Abu Dhabi Investment Authority (ADIA) is looking to pare its stake in eyewear retailer Lenskart through a block deal worth nearly ₹2,000 crore.
Platinum Jasmine A 2018 Trust, backed by the sovereign wealth fund, plans to sell up to 4 crore shares, representing approximately a 2.3 per cent stake in the omnichannel eyewear company, according to the term sheet.
The transaction is being offered at a floor price of ₹486 per share, reflecting a discount of around 2.8 per cent to Lenskart's closing price of ₹500.15 on the BSE. Based on the proposed floor price, the deal size is estimated at about ₹1,944 crore (approximately $204 million).
IIFL Capital Services has reportedly been appointed as the sole placement agent to oversee the share sale process.
As part of the deal structure, the seller is expected to observe a 90-day lock-up period on its remaining shareholding in Lenskart following the completion of the transaction.
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