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

Docon Technologies, a 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 on major stock exchanges. This transaction, conducted on Thursday, saw the sale of 1,57,69,696 equity shares across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Details of the Transaction

The shares were sold in the price range of Rs 624 to Rs 631.71 per share. More than 1.31 crore shares were offloaded through block deals, while an additional 10 lakh shares were sold via bulk deals on the NSE. On the BSE, another 16.01 lakh shares changed hands through a bulk deal. Following the sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%.

Institutional and Global Investor Participation

The stake sale attracted interest from several institutional investors, insurance companies, and global investors. Notable buyers 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. Additionally, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated in the transaction, alongside global entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

Market Reaction and Historical Context

Shares of Thyrocare Technologies responded positively to the news, climbing nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This sale follows a similar transaction last October when Docon sold a 10% stake in Thyrocare for Rs 667 crore. The continuous divestment strategy by Docon indicates a shift in their investment approach, potentially reshaping the ownership dynamics within the diagnostics chain.