Docon Sells 9.9% Thyrocare Stake for Rs 986 Crore Amid Strong Investor Interest
Docon Technologies has sold a 9.9% stake in Thyrocare Technologies for Rs 986 crore through bulk and block deals, reducing its ownership to 51.02%.
In a significant transaction on Thursday, Docon Technologies, a promoter of Thyrocare Technologies Ltd, divested 9.9% of its stake in the diagnostics chain, raising Rs 986 crore. This sale was executed through a series of bulk and block 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 sold via block deals, while 10 lakh shares were traded through bulk deals on the NSE. An additional 16.01 lakh shares changed hands 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 Docon's Stake
Following this transaction, Docon Technologies' stake in Thyrocare has decreased from 60.92% to 51.02%. This move marks a continuation of Docon's strategy, as it had previously sold a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.
Investor Participation
The stake sale attracted a diverse group of institutional and global investors. Among the buyers were prominent mutual funds such as 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, insurance giants like Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated in the block deals alongside global entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Market Reaction
Thyrocare Technologies' shares responded positively to the news. On Friday, the share price rose nearly 3% to Rs 621.95 on the NSE and more than 2% to Rs 622 on the BSE, reflecting investor confidence following the transaction.
This latest stake sale underscores the continued interest in India's diagnostics sector, as institutional investors seek to capitalize on the growth potential of companies like Thyrocare.