Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies offloads significant Thyrocare stake, reducing its holding from 60.92% to 51.02%.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics firm, securing Rs 986 crore through a series of transactions on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The equity shares, amounting to 1,57,69,696 in total, were sold via multiple bulk and block deals at prices ranging from Rs 624 to Rs 631.71 per share. This significant transaction was executed on Thursday.
Institutional Investors Snap Up Shares
The stake sale attracted a host of institutional investors including prominent mutual funds and insurance companies. Notable buyers in these transactions were HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund. Additionally, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance were among the insurance firms involved in the purchase.
Global investment entities also participated, with Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the sovereign wealth fund Kuwait Investment Authority acquiring shares through block deals on the NSE. Despite the large volume of shares changing hands, specific details about other buyers involved in the bulk deals on both exchanges remain undisclosed.
Market Reaction and Historical Context
Following the announcement of the stake sale, Thyrocare Technologies' shares experienced a modest uptick. On Friday, the stock saw an increase of nearly 3% on the NSE, reaching Rs 621.95 per share, and a rise of over 2% on the BSE, closing at Rs 622.
This recent transaction is part of a broader trend for Docon Technologies, which had previously sold a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. The current stake sale reduces Docon’s holding in Thyrocare from 60.92% to 51.02%, marking another step in the company's ongoing strategy to adjust its investment portfolio.
The sale underscores the robust interest from institutional and international investors in India's growing diagnostics sector. As Thyrocare continues to be a significant player in the industry, these transactions highlight the market's confidence in its future prospects.