Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore

Docon Technologies, a prominent promoter of Thyrocare Technologies Ltd, divested a 9.9% stake in the diagnostics company for Rs 986 crore. This substantial sale occurred through a series of bulk and block deals executed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.

Details of the Transaction

The transaction involved the offloading of 1,57,69,696 equity shares. More than 1.31 crore shares were sold via block deals, while 10 lakh shares were exchanged through bulk deals on the NSE. Additionally, 16.01 lakh shares were sold through a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 apiece, culminating in a total transaction value of Rs 985.86 crore.

Impact on Ownership and Market Reaction

Following this sale, Docon's holding in Thyrocare Technologies decreased from 60.92% to 51.02%. The stake sale attracted a diverse array of institutional investors, insurance companies, and global investors. Notable participants included 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, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance were involved, alongside Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

In response to the transaction, Thyrocare's share price showed an uptick, rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE by Friday.

Historical Context

This recent divestment follows Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. The ongoing reduction in stake underscores Docon's strategy to rebalance its investment portfolio while providing opportunities for a diverse set of investors to engage with Thyrocare Technologies.