Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore

Docon Technologies, a promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company for Rs 986 crore. The transaction was executed through multiple bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.

Details of Share Sale

The sale involved 1,57,69,696 equity shares, which were sold at a price range of Rs 624 to Rs 631.71 per share. This divestment reduced Docon's stake in Thyrocare from 60.92% to 51.02%.

More than 1.31 crore shares were offloaded through block deals, while 10 lakh shares were sold via bulk deals on the NSE. An additional 16.01 lakh shares were traded through a bulk deal on the BSE.

Investor Participation

The stake sale attracted several institutional investors, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund. Insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated.

International players like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority were involved in the block deals on the NSE.

Market Reaction and Previous Sales

Following the transaction, Thyrocare Technologies' shares saw an uptick, gaining nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.

This sale follows a previous transaction in October last year when Docon sold a 10% stake in Thyrocare for Rs 667 crore. The current divestment continues Docon's strategy of reducing its holdings in the diagnostics firm.