Docon Technologies Sells 9.9% Stake in Thyrocare for ₹986 Crore
Docon Technologies offloaded a 9.9% stake in Thyrocare, raising ₹986 crore through NSE and BSE transactions.
In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, generating ₹986 crore. The transaction occurred through a series of bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
Docon sold a total of 1,57,69,696 equity shares. A substantial portion, over 1.31 crore shares, was sold via block deals, while 10 lakh shares were transacted through bulk deals on the NSE. An additional 16.01 lakh shares changed hands in a bulk deal on the BSE. The share prices during these transactions ranged between ₹624 and ₹631.71 per share, culminating in a total transaction size of ₹985.86 crore.
Impact on Docon's Holdings
Following this divestment, Docon's holding in Thyrocare Technologies has decreased from 60.92% to 51.02%. This sale marks a continued reduction in Docon's stake, following a previous transaction in October last year when Docon offloaded a 10% stake for ₹667 crore.
Institutional Investors Step In
The stake sale attracted several institutional investors, including 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, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated. Global financial entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority also acquired shares through block deals on the NSE.
Market Response
In the aftermath of the transaction, Thyrocare Technologies' shares saw a positive market response. Shares increased by nearly 3% to ₹621.95 on the NSE and rose over 2% to ₹622 on the BSE on Friday. Despite the detailed disclosure of major institutional buyers, the identities of other participants in the bulk deals remain undisclosed on the exchanges.