Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies has sold nearly 10% of its stake in Thyrocare, raising Rs 986 crore. The shares were sold on both NSE and BSE.
In a significant transaction within the diagnostics sector, Docon Technologies, a promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the company. This move has generated proceeds of Rs 986 crore, with the shares being sold through multiple bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Details of the Transaction
A total of 1,57,69,696 equity shares were offloaded on Thursday. Over 1.31 crore shares were sold through block deals, while an additional 10 lakh shares were exchanged via bulk deals on the NSE. A further 16.01 lakh shares were sold through a bulk deal on the BSE. The shares were priced in the range of Rs 624 to Rs 631.71 per piece, culminating in a total transaction value of Rs 985.86 crore.
Following this sale, Docon's holding in Thyrocare has decreased from 60.92% to 51.02%. The transaction attracted interest from a diverse group of institutional investors, insurance companies, and global investors.
Key Investors in the Deal
The stake sale witnessed participation from prominent entities such as 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 companies like Kotak Mahindra Life Insurance and Tata AIA Life Insurance were also involved in the purchase.
International investors included Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority, which participated through block deals on the NSE. The details of other buyers involved in the bulk deals remain undisclosed.
Market Reaction
The market responded positively to the transaction, with Thyrocare Technologies' shares rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE on Friday. This stake sale follows Docon's previous divestment of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.
This move by Docon Technologies highlights ongoing strategic adjustments within the company, as it continues to recalibrate its holdings in Thyrocare Technologies. The participation of a wide array of investors underscores the attractiveness of the diagnostics sector in India.