Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore to Investors

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company. The transaction, completed on Thursday, amounted to Rs 986 crore and was executed through multiple bulk and block deals across 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. Of these, more than 1.31 crore shares were sold via block deals, while an additional 10 lakh shares were traded through bulk deals on the NSE. On the BSE, 16.01 lakh shares were sold through a bulk deal. The shares were priced between Rs 624 and Rs 631.71 each, leading to a total transaction value of approximately Rs 985.86 crore.

As a result of this sale, Docon Technologies' holding in Thyrocare has decreased from 60.92% to 51.02%. This follows a previous transaction in October last year, where Docon sold a 10% stake in the company for Rs 667 crore.

Institutional Investors Show Interest

The stake sale attracted significant interest from institutional investors, including mutual funds and global entities. Among the buyers were 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 like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated in the acquisition.

Additionally, international investors such as 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

Following the announcement of the stake sale, Thyrocare Technologies' shares experienced a positive movement. On Friday, the shares increased by nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This suggests a favorable market reception to the transaction, possibly due to the involvement of high-profile institutional investors.

Details about other buyers involved in the bulk deals were not immediately available on the NSE and BSE platforms.