Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies offloaded a 9.9% stake in Thyrocare, raising Rs 986 crore through block and bulk deals.
In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% shareholding in the diagnostics firm, netting Rs 986 crore. The transaction was executed through a series of block and bulk deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Details of the Transaction
The sale involved a total of 1,57,69,696 equity shares. More than 1.31 crore shares were traded through block deals, while 10 lakh shares were handled via bulk deals on the NSE. An additional 16.01 lakh shares were sold through 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 Stake and Market Reaction
Following this sale, Docon Technologies' ownership in Thyrocare decreased from 60.92% to 51.02%. The stake sale attracted a diverse group of buyers, including institutional investors, insurance companies, and global financial entities. 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 such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also acquired shares. Global players like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments, and the Kuwait Investment Authority participated through block deals on the NSE.
Market Response and Historical Context
Following the announcement, Thyrocare Technologies' shares experienced a boost, rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This transaction follows Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year, indicating a strategic realignment in their holdings.
The sale has underscored the interest in the Indian diagnostics sector, which continues to draw significant investor attention. Details of other buyers in the bulk deals remain undisclosed.