Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has significantly reduced its stake in the diagnostics chain by selling 9.9% of its holdings 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 Stake Sale

A total of 1,57,69,696 equity shares were offloaded by Docon, with over 1.31 crore shares sold through block deals and 10 lakh shares exchanged through bulk deals on the NSE. An additional 16.01 lakh shares were sold via a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.

Impact on Docon's Holdings

Following this sale, Docon's ownership in Thyrocare decreased from 60.92% to 51.02%. The divestment attracted several institutional and global investors, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and WhiteOak Capital Mutual Fund. Insurance giants like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated, alongside Morgan Stanley, Citigroup Global Markets, and HBM Healthcare Investments.

Market Reaction and Previous Transactions

The stake sale prompted a positive response in the stock market, with Thyrocare Technologies' shares rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE on Friday. This transaction follows a previous sale by Docon in October last year, where it divested a 10% stake in Thyrocare for Rs 667 crore.

The details of other buyers involved in the bulk deals remain undisclosed. This strategic move by Docon Technologies reflects a continued trend of reshuffling within the ownership structure of one of India's prominent diagnostics chains.