Docon Divests 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies reduced its stake in Thyrocare by 9.9% through significant transactions on the NSE and BSE, involving major investors.
Docon Technologies, a promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company, amounting to Rs 986 crore. The transaction was executed through a series of bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Transaction Details
The sale involved a total of 1,57,69,696 equity shares. Of these, over 1.31 crore shares were offloaded through block deals, while 10 lakh shares were traded via bulk deals on the NSE. Additionally, 16.01 lakh shares were sold through a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, resulting in a total transaction value of Rs 985.86 crore.
Impact on Stakeholding
Following this divestment, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%. The stake sale attracted interest from a variety of institutional investors, insurance firms, and global investment entities. Notable participants included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund. Insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also took part, alongside international players like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Market Reaction
In response to the stake sale, Thyrocare Technologies' shares saw an uptick, with prices increasing nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE on Friday. The latest divestiture follows a similar move by Docon last October, when it sold a 10% stake in Thyrocare for Rs 667 crore.
The details of other buyers involved in the bulk deals remain undisclosed on both the BSE and NSE.