Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% stake in Thyrocare for Rs 986 crore, reducing its holding to 51.02%.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, raising Rs 986 crore through a series of bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday. The sale involved a total of 1,57,69,696 equity shares.
On the NSE, over 1.31 crore shares were traded through block deals, while an additional 10 lakh shares were transferred via bulk deals. The BSE saw a bulk deal involving 16.01 lakh shares. The shares were sold in the price range of Rs 624 to Rs 631.71 apiece, culminating in a total transaction value of Rs 985.86 crore.
Institutional and Global Investor Participation
The stake sale attracted significant interest from institutional investors, insurance companies, and global investors. Notable buyers 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. Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated in the transaction. Additionally, 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, Docon Technologies' holding in Thyrocare Technologies decreased from 60.92% to 51.02%. This sale marks the second major divestment by Docon Technologies in less than a year, following a 10% stake sale for Rs 667 crore in October of the previous year.
Market Response and Share Performance
In response to the transaction, Thyrocare Technologies' shares saw an uptick in value. On Friday, shares rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This positive market reaction reflects investor confidence in the continued performance and prospects of the diagnostics chain.
The transaction underscores a trend of strategic adjustments among promoters in the diagnostics sector, as they seek to optimize their portfolios and engage with a broader range of institutional investors.