Docon Sells 9.9% Thyrocare Stake for Rs 986 Crore

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has executed a significant divestment by selling a 9.9% stake in the diagnostic firm. The transaction, valued at Rs 986 crore, was conducted through a series of bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.

Details of the Transaction

A total of 1,57,69,696 equity shares were offloaded, encompassing a variety of deal types. Specifically, over 1.31 crore shares were sold through block deals, while 10 lakh shares were exchanged via bulk deals on the NSE. An additional 16.01 lakh shares were involved in a bulk deal on the BSE. The selling price ranged from Rs 624 to Rs 631.71 per share, culminating in a total transaction size of Rs 985.86 crore.

Following this stake sale, Docon's ownership in Thyrocare decreased from 60.92% to 51.02%, marking a strategic shift in its holdings in the diagnostics chain.

Investor Participation

The stake sale attracted substantial interest from various institutional investors, insurance companies, and global entities. Notable participants 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 engaged in the deals, alongside Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

While the primary buyers in these transactions are identified, information on other participants in the bulk deals remains undisclosed on the NSE and BSE.

Market Reaction and Previous Sales

In the wake of the sale, Thyrocare Technologies' shares experienced a modest rise. On Friday, the stock gained nearly 3% on the NSE, closing at Rs 621.95, and rose over 2% on the BSE, reaching Rs 622.

This recent divestment follows a similar move by Docon Technologies in October of the previous year, when it sold a 10% stake in Thyrocare for Rs 667 crore. The consistent reduction in stake suggests a strategic reevaluation of Docon's investment in the company.