Docon Technologies Sells 9.9% Stake in Thyrocare for ₹986 Crore

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has offloaded a significant portion of its holdings in the diagnostic company, selling a 9.9% stake for ₹986 crore. This divestment was executed through multiple bulk and block deals on Thursday across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Details of the Transaction

The transaction involved the sale of 1,57,69,696 equity shares. Of these, more than 1.31 crore shares were sold via block deals, while 10 lakh shares were exchanged through bulk deals on the NSE. Additionally, 16.01 lakh shares were traded through a bulk deal on the BSE. The sale price per share ranged from ₹624 to ₹631.71, bringing the total transaction value to ₹985.86 crore.

Impact on Stakeholding and Market Reaction

Following this sale, Docon's ownership in Thyrocare has decreased to 51.02% from the previous 60.92%. The market responded positively to the transaction, with Thyrocare's shares increasing by nearly 3% to ₹621.95 on the NSE and by over 2% to ₹622 on the BSE the following day.

Institutional Interest and Previous Sales

The stake sale attracted interest from various institutional investors, insurance companies, and global investors. Key buyers included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, and Aditya Birla Sun Life Mutual Fund. Insurance firms like Kotak Mahindra Life Insurance and Tata AIA Life Insurance, along with international players such as Morgan Stanley, Citigroup Global Markets, and the Kuwait Investment Authority, participated in the block deals on the NSE.

This move follows Docon's previous stake sale in October last year, where it sold a 10% stake in Thyrocare for ₹667 crore. The consistent divestment indicates a strategic reshaping of Docon's investment portfolio in the diagnostics sector.