Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies has sold a 9.9% stake in Thyrocare Technologies for Rs 986 crore via block and bulk deals on NSE and BSE.
In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company. The transaction, valued at approximately Rs 986 crore, was executed through multiple block and bulk deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
The sale involved a total of 1,57,69,696 equity shares. On the NSE, more than 1.31 crore shares were sold via block deals, while bulk deals accounted for 10 lakh shares. Additionally, 16.01 lakh shares were traded through a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, cumulatively amounting to Rs 985.86 crore.
Following this transaction, Docon's stake in Thyrocare has decreased from 60.92% to 51.02%. This move marks a continuation of Docon's stake reduction strategy, following a similar sale of a 10% stake for Rs 667 crore in October of the previous year.
Institutional Interest
The stake sale attracted considerable interest from institutional investors. Among those acquiring shares were prominent mutual funds such as 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 companies like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated.
Moreover, international interest was evident with Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority participating through block deals on the NSE.
Market Reaction
In the wake of the transaction, Thyrocare Technologies' stock saw an uptick. On Friday, the shares rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. The market's positive response underscores investor confidence in the company despite the significant share sale by one of its major promoters.
The details of other buyers involved in the bulk deals remain undisclosed as per the current information available from the exchanges.