Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies offloaded a 9.9% stake in Thyrocare Technologies, raising Rs 986 crore through NSE and BSE transactions.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, generating Rs 986 crore in the process. The transaction took place through various bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
A total of 1,57,69,696 equity shares were exchanged, reducing Docon's shareholding in Thyrocare from 60.92% to 51.02%. The shares were sold within a price range of Rs 624 to Rs 631.71 each, with the majority of shares—over 1.31 crore—being sold via block deals. An additional 10 lakh shares were traded through bulk deals on the NSE, and 16.01 lakh shares changed hands through a bulk deal on the BSE.
Institutional and Global Investor Participation
The stake sale attracted interest from several institutional and global investors. Notable participants included 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 such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also invested, alongside international entities like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Stock Market Reaction
The market responded positively to the stake sale, with Thyrocare Technologies' share price increasing by nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE following the transaction.
Recent Stake Sale Trends
This recent divestment follows a similar move by Docon Technologies last October, when it sold a 10% stake in Thyrocare for Rs 667 crore. These transactions indicate a strategic shift in Docon's investment approach towards Thyrocare.
Details regarding other buyers involved in the bulk deals remain undisclosed on both the BSE and NSE. The ongoing adjustments in shareholding patterns at Thyrocare highlight the dynamic nature of investor interest in India's diagnostics sector.