Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies sold a 9.9% stake in Thyrocare, reducing its holdings to 51.02%. The sale attracted global investors.
In a significant transaction, Docon Technologies, a major promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company for approximately Rs 986 crore. The sale was executed through multiple bulk and block deals across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Stake Sale
The transaction involved the offloading of 1,57,69,696 equity shares. A substantial portion, over 1.31 crore shares, was sold via block deals, while 10 lakh shares were traded through bulk deals on the NSE. Additionally, 16.01 lakh shares were exchanged through a bulk deal on the BSE. The shares were sold within a price range of Rs 624 to Rs 631.71 each, culminating in a total sale value of Rs 985.86 crore.
Following this sale, Docon's stake in Thyrocare Technologies has decreased from 60.92% to 51.02%. The transaction attracted participation from a variety of institutional investors, insurance companies, and global entities.
Investor Participation
Prominent mutual funds such as HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund were among the buyers. Insurance companies like Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated. Global investors included Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority, all acquiring shares through block deals on the NSE.
The sale of shares had a positive impact on Thyrocare's stock prices, which rose nearly 3% to Rs 621.95 per share on the NSE and over 2% to Rs 622 on the BSE following the transaction.
Previous Transactions
This recent sale follows Docon's previous divestment of a 10% stake in Thyrocare in October of the previous year, a transaction valued at Rs 667 crore. The continued reduction in Docon's holding reflects a strategic move to capitalize on its investment in Thyrocare, while still maintaining a controlling stake in the company.
The involvement of a diverse group of investors indicates strong confidence in Thyrocare's business model and future prospects in the diagnostics sector. The funds raised through these sales are expected to be utilized for further strategic initiatives by Docon Technologies.