Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% stake in Thyrocare, raising Rs 986 crore through NSE and BSE deals.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has significantly reduced its stake in the diagnostics company, selling 9.9% for a total of Rs 986 crore. The transaction, executed through multiple bulk and block deals, was completed on Thursday across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Details of the Transaction
A total of 1,57,69,696 equity shares were offloaded by Docon, with more than 1.31 crore shares sold via block deals. Additionally, 10 lakh shares were transacted through bulk deals on the NSE, and another 16.01 lakh shares changed hands through a bulk deal on the BSE. The shares were sold in a price range of Rs 624 to Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.
Impact on Shareholding and Market Reaction
Following this sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%. The stake sale attracted a diverse group of investors, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and WhiteOak Capital Mutual Fund, among others. Life insurance entities such as Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated, alongside global players like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
In response to the transaction, Thyrocare Technologies' share prices rose. On Friday, shares increased nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.
Previous Transactions and Market Context
This recent sale follows Docon's previous offloading of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. The current stake reduction continues to reflect strategic moves within the company to possibly reallocate resources or adjust its investment portfolio.
Details regarding other buyers involved in the bulk deals remain unclear from the available data on the BSE and NSE.