Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore in Market Deals

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, raising Rs 986 crore through a series of bulk and block deals. The transaction, executed on Thursday, involved the sale of 1,57,69,696 equity shares across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Transaction Details and Market Impact

The share sale was conducted at a price range of Rs 624 to Rs 631.71 per share. More than 1.31 crore shares were sold via block deals, while 10 lakh shares were traded through bulk deals on the NSE. An additional 16.01 lakh shares were sold through a bulk deal on the BSE.

Following this transaction, Docon's holding in Thyrocare decreased from 60.92% to 51.02%. The sale attracted interest from prominent institutional investors, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, and Aditya Birla Sun Life Mutual Fund. Insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated, alongside global investors like Morgan Stanley, Citigroup Global Markets, and the Kuwait Investment Authority.

Market Response and Previous Transactions

Thyrocare Technologies saw its shares rise by nearly 3% on the NSE to Rs 621.95 and over 2% on the BSE to Rs 622 following the announcement. The latest deal comes on the heels of Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.

The involvement of several high-profile investors underscores the continued confidence in Thyrocare's growth potential within the diagnostics sector. However, the specific identities of other buyers participating in the bulk deals on the BSE and NSE remain undisclosed.

This strategic stake reduction by Docon Technologies is part of a broader trend of realignment within the healthcare diagnostics industry, reflecting shifts in investor priorities and market dynamics.