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The small print on the traders that may dilute their stake have been but to be determined, the report stated.
Bengaluru:
Sovereign wealth fund Abu Dhabi Funding Authority (ADIA) is in superior talks to speculate $350 million to $400 million in India’s Lenskart, valuing the eyewear retailer at $4.5 billion, the Financial Instances newspaper reported at this time.
The funding, which might give ADIA an nearly 10% stake in Lenskart, is more likely to be within the type of a secondary sale of shares, with a small main spherical comprising development fairness, the report added, citing individuals conscious of the matter.
The small print on the traders that may dilute their stake, and by how a lot, have been but to be determined, the report stated, including an official announcement is anticipated in a few weeks.
ADIA, which at the moment doesn’t have a stake in Lenskart, declined to remark. Lenskart didn’t instantly reply to a request from Reuters searching for remark.
Began in 2010, Lenskart’s traders embrace U.S. personal fairness agency KKR & Co Inc, Japan’s SoftBank Group and Singapore state investor Temasek Holdings.
Lenskart additionally operates in the US, Singapore and the UAE. It has a producing unit within the Indian state of Haryana and a yet-to-be-started fully-automated plant within the state of Rajasthan.
Earlier this yr, Lenskart acquired a majority stake in Japanese eyewear model Owndays, turning the Indian firm into certainly one of Asia’s largest on-line retailers within the section.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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