Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, generating Rs 986 crore. The 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 a total of 1,57,69,696 equity shares. Specifically, over 1.31 crore shares were sold via block deals, while 10 lakh shares were exchanged through bulk deals on the NSE. An additional 16.01 lakh shares were traded 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 transaction value of Rs 985.86 crore.

Impact on Docon's Holdings

Following the stake sale, Docon's ownership in Thyrocare Technologies decreased from 60.92% to 51.02%. This marks a significant reduction in Docon's stake after a similar divestment in October of the previous year, when it sold a 10% stake for Rs 667 crore.

Institutional Interest

The stake sale attracted considerable interest from institutional investors, insurance firms, and global financial entities. Notable buyers included HSBC Mutual Fund (MF), DSP MF, ICICI Prudential MF, Aditya Birla Sun Life MF, WhiteOak Capital MF, and ITI MF. Additionally, Kotak Mahindra Life Insurance Company, Tata AIA Life Insurance, Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority participated through block deals on the NSE.

Market Reaction

In response to the transaction, Thyrocare Technologies' stock saw a rise, gaining nearly 3% to reach Rs 621.95 per share on the NSE, and climbing over 2% to Rs 622 on the BSE. The increased share price reflects positive market sentiment following the influx of institutional investments.