Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore

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

Details of the Transaction

More than 1.31 crore shares were sold through block deals, while an additional 10 lakh shares were traded via bulk deals on the NSE. The BSE saw a further 16.01 lakh shares change hands in bulk deals. The shares were sold in a price range of Rs 624 to Rs 631.71 per share, culminating in a total transaction value of Rs 985.86 crore.

Impact on Docon's Stake

Following this sale, Docon's ownership in Thyrocare decreased from 60.92% to 51.02%. This move follows Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.

Investor Participation

The stake sale attracted interest from a variety of investors, including institutional and global players. Among the buyers 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, insurance companies such as Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated, along with international investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the sovereign wealth fund Kuwait Investment Authority.

Market Response

Following the transaction, Thyrocare Technologies' shares experienced an uptick. On Friday, shares rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. The details of other buyers involved in the bulk deals remain undisclosed on both exchanges.