Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% of Thyrocare, raising Rs 986 crore through bulk and block deals.
In a significant financial move, Docon Technologies, a prominent promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company. The transaction, completed through multiple bulk and block deals, fetched approximately Rs 986 crore.
Transaction Details
On Thursday, Docon offloaded a total of 1,57,69,696 equity shares across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The bulk of the shares, over 1.31 crore, were sold via block deals, while 10 lakh shares were exchanged through bulk deals on the NSE. An additional 16.01 lakh shares were transacted through a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, resulting in a total transaction value of Rs 985.86 crore.
Impact on Docon's Holding
Following this sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%. This marks a continuation of Docon's strategy to reduce its stake, following a previous sale of 10% for Rs 667 crore in October of the previous year.
Investor Participation
The stake sale attracted a diverse group of investors, including several institutional and global players. Notable participants included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and WhiteOak Capital Mutual Fund. Life insurance companies like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also took part. Additionally, international investors such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments, and the Kuwait Investment Authority participated in the block deals on the NSE.
Market Reaction
Following the announcement of the stake sale, Thyrocare Technologies' shares saw a positive response in the market. On Friday, the company's stock price increased nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.