Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon offloads a 9.9% stake in Thyrocare Technologies, reducing its holding to just over 51%.
In a significant financial move, Docon Technologies, one of the primary promoters of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company. The transaction, conducted through multiple bulk and block deals, amounted to Rs 986 crore, according to a recent disclosure.
Details of the Transaction
On Thursday, Docon offloaded a total of 1,57,69,696 equity shares across both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The shares were sold within a price range of Rs 624 to Rs 631.71 each. This sale significantly reduced Docon's holding in Thyrocare from 60.92% to 51.02%.
The majority of the shares, over 1.31 crore, were sold through block deals, while an additional 10 lakh shares were exchanged via bulk deals on the NSE. Furthermore, 16.01 lakh shares were part of a bulk deal on the BSE.
Institutional Participation
The stake sale garnered considerable attention from institutional investors, insurance companies, and global investors. 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. Insurance giants such as Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated. Additionally, international entities like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the sovereign wealth fund Kuwait Investment Authority acquired shares through block deals on the NSE.
Following the transaction, Thyrocare's stock saw a positive reaction in the market. On Friday, the company's shares rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.
Historical Context
This latest stake sale follows a previous transaction by Docon in October of the previous year when it sold a 10% stake in Thyrocare for Rs 667 crore. The ongoing divestment strategy by Docon appears to be part of a broader financial restructuring or investment reallocation strategy.
The specifics of other buyers involved in the bulk deals remain undisclosed on both the BSE and NSE, leaving room for speculation about further strategic investments in the healthcare diagnostics sector.