Docon Sells 9.9% Thyrocare Stake for Rs 986 Crore in Major Deal

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has offloaded a 9.9% stake in the diagnostics chain, raising Rs 986 crore through a series of bulk and block transactions on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The sale involved a total of 1,57,69,696 equity shares.

Stake Sale Details

On Thursday, Docon sold more than 1.31 crore shares via block deals, while an additional 10 lakh shares were traded through bulk deals on the NSE. The BSE saw 16.01 lakh shares change hands through a bulk deal. The shares were priced between Rs 624 and Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.

Following this transaction, Docon's stake in Thyrocare was reduced to 51.02% from its previous 60.92%. The sale attracted significant interest from institutional investors, insurance firms, and global entities.

Major Buyers

Prominent buyers 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. Insurance giants Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance were also involved, along with global players such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

Market Reaction

In the wake of the transaction, Thyrocare Technologies' shares experienced an uptick, climbing nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This latest move follows a similar transaction in October of the previous year, where Docon sold a 10% stake in Thyrocare for Rs 667 crore.

The identity of other buyers involved in the bulk deals on the BSE and NSE remains undisclosed. The sale underscores a continued strategic realignment by Docon Technologies as it recalibrates its holdings in Thyrocare.