Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% of Thyrocare, reducing its stake to 51.02%. The Rs 986 crore deal involves major institutional investors.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has significantly reduced its holdings in the diagnostics company, selling a 9.9% stake for Rs 986 crore. This transaction was executed through a series of bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
The sale involved 1,57,69,696 equity shares, with more than 1.31 crore shares traded through block deals and an additional 10 lakh shares sold via bulk deals on the NSE. Another 16.01 lakh shares were exchanged through a bulk deal on the BSE. The share prices ranged between Rs 624 and Rs 631.71, culminating in a total transaction value of Rs 985.86 crore.
Impact on Docon's Stake
Following this sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%. This move marks the second significant divestment by Docon within a year, following a previous sale of a 10% stake for Rs 667 crore in October of the previous year.
Institutional Investor Involvement
The stake sale attracted a diverse group of institutional and global investors. Notable participants included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and WhiteOak Capital Mutual Fund. Additionally, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance were involved, as well as international entities like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Thyrocare Technologies' shares responded positively to the news, with prices rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE the following day.