Abu Dhabi Investment Authority sells 2.01% of Lenskart for ₹2,390.57cr
Business
Abu Dhabi's ADIA just sold a 2.01% chunk of Lenskart for about ₹2,390.57 crore, offloading 3.5 crore shares at ₹683.02 each.
This move drops ADIA's stake in the eyewear brand from 9.77% to 7.76%, but they're still holding on as Lenskart's second-biggest public shareholder, right behind SoftBank.
Lenskart stock down 3.10% profits fall
Lenskart's stock slipped 3.10% after the sale, closing at ₹685.30 on the NSE.
Financially, they've seen profits dip by 7.5% year over year (now at ₹203.6 crore), even though their revenue from operations rose by 45.62% in the March quarter, mostly thanks to higher expenses.
SoftBank also sold a big chunk in June this year, so it's been a busy time for major shareholders at Lenskart.