Docon Sells 9.9% Thyrocare Stake for Rs 986 Crore
Docon Technologies divests nearly 10% of Thyrocare, raising Rs 986 crore through NSE and BSE transactions.
In a significant financial maneuver, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, amassing Rs 986 crore. The sale was executed through multiple bulk and block deals across the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Thursday.
Details of the Transaction
A total of 1,57,69,696 equity shares were offloaded, with over 1.31 crore shares sold via block deals and an additional 26.01 lakh shares through bulk deals. The shares were traded at a price range between Rs 624 and Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.
This stake reduction has decreased Docon's holding in Thyrocare from 60.92% to 51.02%. The move attracted a slew of institutional investors and insurance companies, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, and others. Noteworthy insurance participants were Kotak Mahindra Life Insurance and Tata AIA Life Insurance.
Market Impact and Investor Participation
Following the sale, Thyrocare's stock experienced a boost, rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. The transaction also saw participation from global investors such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
The specifics of other buyers involved in the bulk deals remain undisclosed. This stake sale follows Docon's previous divestment of a 10% stake in Thyrocare for Rs 667 crore in October of the preceding year, indicating a strategic trend in their investment approach.