Docon Divests 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies has sold a 9.9% stake in Thyrocare Technologies for Rs 986 crore through bulk and block deals on NSE and BSE.
On Thursday, Docon Technologies, a primary promoter of Thyrocare Technologies Ltd, divested a 9.9% stake in the diagnostics chain, raising Rs 986 crore through a series of bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Details of the Stake Sale
The transaction involved the sale of 1,57,69,696 equity shares, which were priced between Rs 624 and Rs 631.71 each. The bulk of the shares, over 1.31 crore, were offloaded via block deals, while 10 lakh shares exchanged hands through bulk deals on the NSE. An additional 16.01 lakh shares were sold through a bulk deal on the BSE.
Following this sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%, marking a significant reduction in their holdings.
Institutional Participation
The stake sale attracted numerous institutional buyers, including prominent mutual funds such as HSBC MF, DSP MF, ICICI Prudential MF, Aditya Birla Sun Life MF, WhiteOak Capital MF, and ITI MF. Insurance companies like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated. Additionally, global finance entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority were key participants in the block deals executed on the NSE.
Market Reaction
In response to the transaction, Thyrocare Technologies' share price rose nearly 3% on the NSE, reaching Rs 621.95 per share, and climbed over 2% on the BSE, closing at Rs 622. This positive market reaction underscores the confidence of investors in Thyrocare's future prospects despite the significant stake sale.
This recent divestment follows Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year, indicating a trend of reduced holdings by the promoter.