Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore

Docon Technologies, a major promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company, generating Rs 986 crore through a series of transactions on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This significant divestment involved the sale of 1,57,69,696 equity shares.

Significant Transactions Across Exchanges

On Thursday, Docon executed the sale with over 1.31 crore shares sold via block deals, while 10 lakh shares were traded through bulk deals on the NSE. Additionally, another 16.01 lakh shares were sold in a bulk deal on the BSE. The share prices ranged between Rs 624 and Rs 631.71 each, culminating in a transaction value of Rs 985.86 crore.

Impact on Docon's Holding and Market Reaction

Following this sale, Docon's ownership in Thyrocare decreased from 60.92% to 51.02%. The stake sale attracted various institutional investors, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, and others. Life insurance firms such as Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated, alongside international investors like Morgan Stanley and Citigroup Global Markets.

In the wake of the transaction, Thyrocare's share price experienced a modest increase, rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE by Friday.

Previous Stake Sales and Investor Interest

This recent divestment follows Docon's earlier sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. The continuous interest from both domestic and global investors underscores Thyrocare's standing in the diagnostics sector.

While detailed information about other buyers in the bulk deals was not available, this transaction highlights the growing appeal of Thyrocare Technologies among institutional investors, further reinforcing its market position.