Docon Technologies Divests 9.9% Stake in Thyrocare for Rs 986 Crore

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has executed a significant stake sale, divesting 9.9% of its holdings in the diagnostics firm. The transaction, completed on Thursday, garnered Rs 986 crore through a series of bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Details of the Stake Sale

The sale involved a total of 1,57,69,696 equity shares, with more than 1.31 crore shares sold via block deals. Additionally, 10 lakh shares were traded through bulk deals on the NSE and another 16.01 lakh shares on the BSE. The shares were transacted within a price range of Rs 624 to Rs 631.71 apiece, culminating in a total transaction value of Rs 985.86 crore.

Impact on Docon's Holdings

Following this substantial sale, Docon Technologies' stake in Thyrocare has decreased from 60.92% to 51.02%. This development marks a continuation of Docon's strategic divestment, following a previous 10% stake sale in October last year for Rs 667 crore.

Institutional Participation

The stake sale attracted a diverse group of institutional investors, insurance companies, and global financial entities. Among the notable participants 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 firms such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also acquired shares. Furthermore, international investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority participated through block deals on the NSE.

Market Reaction

In response to the transaction, Thyrocare Technologies' shares saw a positive uptick. On Friday, the stock price rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This reflects investor confidence in the company's prospects despite the reduced stake held by Docon.