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

Docon Technologies, a leading promoter of Thyrocare Technologies Ltd, has sold a significant 9.9% stake in the diagnostics company, generating Rs 986 crore. The transaction was executed 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

The sale involved 1,57,69,696 equity shares, with more than 1.31 crore shares sold via block deals and 10 lakh shares through bulk deals on the NSE. An additional 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, culminating in a total transaction size of Rs 985.86 crore.

Following this divestment, Docon Technologies' ownership in Thyrocare decreased from 60.92% to 51.02%. The stake sale attracted various 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. Insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated, along with international investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority through block deals on the NSE.

Market Reaction and Background

Shares of Thyrocare Technologies responded positively to the news, gaining nearly 3% to close at Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE on Friday. This sale follows Docon's previous divestment of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.

Thyrocare Technologies is a prominent player in the diagnostics industry, and this substantial stake sale by Docon Technologies is indicative of a strategic realignment by the promoter group. The participation of major institutional and global investors underscores the continued interest and confidence in Thyrocare's growth prospects.