Lenskart Shares Slump 5% Amid Bulk Deal Buzz

What happened

Shares of Lenskart Solutions fell as much as 5% during intraday trade to hit a low of ₹643.80 on the BSE today as a proposed stake sale by early investor Alpha Wave Ventures weighed on the stock. 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%.

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. At 13:43 IST, the stock was trading 4.07% lower at ₹650.15.

As per media reports, Alpha Wave Ventures is looking 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.