Lenskart Block Deal: SVF II Lightbulb likely to sell up to 2.6% stake for approximately $300 million: Sources

Shares of Lenskart Solutions will be in focus on Monday, August 24, as a block deal has been launched in it, people in the know told CNBC-TV18.

Softbank Vision Fund (SVF) II Lightbulb Cayman is likely to sell up to 2.6% stake in the company at approximately $300 million, sources said. The floor price has been set at ₹635 per share, a 4% discount to its previous closing price of ₹661.4 per share.

The selling shareholder will have a 45-day lock-up for residual stake sale, sources added.

At the end of the June quarter, promoter entities held 18% stake in the company while public shareholders held 82%. Of this SVF II Lightbulb (Cayman) Ltd held 9.86% stake in Lenskart Solutions, as per data available on the stock exchanges.

Earlier this month, Lenskart shares crossed the ₹600 mark for the first time ever.

The company reported a 43.3% increase in its June quarter revenue to ₹2,714.18 crore from ₹1,894.46 crore last year. Its profit after tax (PAT) surged to ₹228.43 crore from ₹61.17 crore.

The company's EBITDA increased 75.1% to ₹588.48 crore from ₹336.08 crore while its margins expanded to 21.7% from 17.7% in the same quarter last fiscal.

Lenskart Solutions shares ended the previous session 1.1% up at ₹662.25 apiece. The stock has gained 18.4% in the past month and is up 51% this year, so far.

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