Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies offloads a 9.9% stake in Thyrocare, reducing its holding to 51.02%.
In a significant transaction on Thursday, Docon Technologies, a promoter of Thyrocare Technologies Ltd, divested a 9.9% stake in the diagnostics chain, garnering Rs 986 crore. The sale involved 1,57,69,696 equity shares and was executed through multiple bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Details of the Transaction
The transaction saw more than 1.31 crore shares sold via block deals, while an additional 10 lakh shares were exchanged through bulk deals on the NSE. On the BSE, 16.01 lakh shares were traded through a bulk deal. The shares were sold within a price range of Rs 624 to Rs 631.71 per share, culminating in a total transaction value of Rs 985.86 crore.
As a result of this sale, Docon's stake in Thyrocare has decreased from 60.92% to 51.02%. The stake sale attracted interest from a variety of institutional investors, insurance companies, and global investors.
Investor Participation
Notable buyers in the transaction included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund. Additionally, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated, alongside global entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the sovereign wealth fund Kuwait Investment Authority.
The sale comes on the heels of Docon's previous divestment of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. These decisions reflect a strategic move by Docon to adjust its holdings in the company.
Market Reaction
Following the announcement of the stake sale, Thyrocare Technologies' shares experienced a positive response in the market. On Friday, the share price increased by nearly 3% to Rs 621.95 on the NSE and rose over 2% to Rs 622 on the BSE.
The specifics of other investors involved in the bulk deals remain undisclosed, as details were not available on either the BSE or NSE. The transaction highlights continued interest and confidence in Thyrocare Technologies from both domestic and international investors.