Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% of Thyrocare, reducing its holding to 51.02%.
In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company. The transaction, which took place across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday, amounted to Rs 986 crore.
Details of the Stake Sale
Docon offloaded a total of 1,57,69,696 equity shares. The sale was executed through a combination of bulk and block deals, with over 1.31 crore shares transacted via block deals. Additionally, 10 lakh shares were exchanged through bulk deals on the NSE and another 16.01 lakh shares on the BSE. The shares were sold within a price range of Rs 624 to Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.
Impact on Docon’s Holdings
Following the sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%. This reduction in stake size marks a continuation of Docon’s strategy, as they had previously sold a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.
Investor Participation and Market Reaction
The stake sale attracted several institutional and global investors. Notable participants included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and WhiteOak Capital Mutual Fund. Insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also took part. International players like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority participated through block deals on the NSE.
The market reacted positively to the transaction, with Thyrocare Technologies' shares rising nearly 3% to Rs 621.95 apiece on the NSE and over 2% to Rs 622 on the BSE on the following day.