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, reducing its holding to 51.02%.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, raising Rs 986 crore through a series of bulk and block deals conducted on Thursday. This transaction has reduced Docon's holding in Thyrocare from 60.92% to 51.02%.
Details of the Stake Sale
The sale involved a total of 1,57,69,696 equity shares, executed across both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Specifically, over 1.31 crore shares were exchanged via block deals, while 10 lakh shares were transacted through bulk deals on the NSE. Additionally, 16.01 lakh shares were sold in bulk deals on the BSE. The shares were sold within a price range of Rs 624 to Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.
Investor Participation
The stake sale attracted significant interest from 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. Additionally, global investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority engaged in block deals on the NSE.
Market Reaction
Following the announcement of the stake sale, shares of Thyrocare Technologies saw a positive response in the market. On Friday, the company's shares gained nearly 3% to close at Rs 621.95 on the NSE and rose over 2% to Rs 622 on the BSE.
This transaction follows a previous sale by Docon in October of last year, where a 10% stake in Thyrocare was sold for Rs 667 crore.