Adia cuts stake in Indian eyewear company Lenskart

Abu Dhabi Investment Authority (Adia) has cut its holding in Lenskart, an Indian eyewear retailer, selling 35 million shares in a block deal worth INR23.9 billion ($250 million).

Adia affiliate Platinum Jasmine A 2018 Trust sold the shares at an average price of INR683 per share, representing a 2 percent stake in Lenskart, according to Indian National Stock Exchange (NSE) data.

Lenskart shares closed more than 3 percent lower at INR683.85 on the NSE on Monday. The shares were up 0.7 percent at INR688.85 in early trading on Tuesday.

This is Adia’s second sell-down this year in the the company, following a 40 million-share block deal worth INR2 billion in June.

A block deal is when a large number of shares are bought or sold between two parties outside the open market.

The UAE sovereign fund invested $500 million in Lenskart to acquire a 10 percent stake in March 2023.

The latest block deal has cut Adia’s stake to 7.76 percent, making it the second-largest public shareholder after SoftBank Vision Fund, which is backed by Saudi Arabia’s Public Investment Fund.

The buyer’s details were not disclosed.

In June SoftBank Group divested a 3.25 percent stake in Lenskart Solutions for INR2.9 billion.

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• Adia backs India’s latest infrastructure fund