Lenskart block deal: ADIA sells 2.3% stake in 2026

The headline deal and why it matters

Platinum Jasmine A 2018 Trust, an investment vehicle managed by the Abu Dhabi Investment Authority (ADIA), has cut its holding in Lenskart Solutions Ltd through a large secondary block deal. The stake sale is one of the notable institutional transactions in India’s consumer-tech and retail space this month, both for its size and for the breadth of buyers involved. ADIA’s move signals a partial monetisation after reported value appreciation in the company. The transaction also comes close on the heels of a separate stake sale by SoftBank, keeping Lenskart’s shareholder churn in focus. Since the deal is secondary in nature, proceeds go to the selling shareholder, not to the company.

What ADIA sold: size, price, and date

The block deal was executed on June 17, 2026, with ADIA selling a 2.3% stake in Lenskart through Platinum Jasmine A 2018 Trust. Market reports described the sale as involving about 40 million shares (4 crore shares). The shares were sold at ₹490 per share, and the overall transaction value was reported at around ₹1,960 crore. Separately, a term sheet for the proposed sale had indicated a floor price of ₹486 per share, implying a deal size of roughly ₹1,944 crore (about $104 million) at that floor.

Executed value versus term-sheet estimates

Some reports also cited an executed trade value of about ₹1,862 crore, linked to 3.80 crore shares changing hands in the market execution. In other words, the public reporting around this block deal included both an executed value estimate and a term-sheet range. The transaction was discussed as being offered at a discount to recent prices in some coverage. For example, the ₹486 floor price was described as around a 2.8% discount to Lenskart’s BSE close of ₹500.15.

How ADIA’s shareholding changed and the lock-up

Following the sale, ADIA’s total holding in Lenskart was reported to have fallen from 12.08% to 9.78%. The remaining stake is reportedly subject to a 90-day lock-up period, restricting further sale during that window. This lock-up detail matters for market participants because it clarifies that the seller cannot immediately return with another tranche, at least for the near term.

Who bought the shares: domestic and global institutions

The block deal saw participation from a wide set of institutional investors, reflecting strong demand for Lenskart exposure via secondary shares. Among domestic buyers, Kotak Mahindra Mutual Fund was identified as the largest participant in some reports. Other Indian institutions named as participants included ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, SBI Mutual Fund, HDFC Life Insurance, and ICICI Prudential Life Insurance. Additional coverage also listed Kotak Mahindra Bank, Canara Robeco Mutual Fund, NPS Trust, and Franklin Templeton among the largest buyers.

On the global side, major financial institutions including Goldman Sachs, Morgan Stanley, and Societe Generale were reported to have participated.

How this compares with SoftBank’s recent stake sale

ADIA’s stake cut follows a similar recent transaction by SoftBank. SoftBank, through SVF II Lightbulb (Cayman) Ltd, sold a 3.25% stake in Lenskart for about ₹2,873 crore via a block deal on the NSE. That sale involved 5.65 crore shares at an average price of ₹508.55 per share, and reduced SoftBank’s holding from 13.13% to 9.88%. In reporting around SoftBank’s block deal, Goldman Sachs was cited as the largest buyer with purchases of ₹702 crore, followed by Societe Generale at ₹698 crore.

What the transaction implies for Lenskart’s valuation

The latest ADIA-linked block deal was reported to value Lenskart at about ₹87,000 crore (around $1.2 billion). The deal price of ₹490 per share was described as slightly lower than prevailing private equity valuation sentiment in the sector. With successive blocks from large shareholders in a short period, the market has fresh reference points for price discovery in the secondary market.

Company operating metrics cited alongside the deal

In market commentary around the block deal, Lenskart’s operating performance was also referenced. One report stated that Lenskart’s Q4 revenue rose 45.6%, and its EBITDA margin was 21.4%. Separately, brokerage commentary mentioned that Macquarie raised Lenskart’s target price to ₹600 per share.

Key facts table

Market impact and why investors are watching

The immediate market relevance lies in the scale of supply and the identity of the seller, with ADIA being a widely tracked sovereign wealth fund investor in Indian growth companies. The mix of buyers across mutual funds, insurers, banks, and global investment banks indicates that demand was sufficient to absorb the block at the offered price. The transaction also reinforces that recent exits in Lenskart have been led by secondary trades rather than fundraising by the company. For investors, the 90-day lock-up is a key near-term data point because it reduces the risk of another ADIA-led overhang in the short run.

Conclusion

ADIA’s Platinum Jasmine A 2018 Trust has reduced its Lenskart stake by 2.3% in a block deal valued at around ₹1,960 crore, with shares sold at ₹490 and broad institutional participation. The sale follows SoftBank’s recent ₹2,873 crore block deal, keeping Lenskart’s shareholder moves in focus. The next concrete milestone to watch is the expiry of the reported 90-day lock-up on ADIA’s remaining stake and any further disclosures around secondary transactions by large shareholders.