Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies has sold a 9.9% stake in Thyrocare, reducing its holding to 51.02%.
In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company for Rs 986 crore. The stake sale occurred through a series of bulk and block deals conducted on Thursday across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Details of the Transaction
The transaction involved the sale of 1,57,69,696 equity shares. More than 1.31 crore shares were sold via block deals, while an additional 10 lakh shares were transacted through bulk deals on the NSE. Another 16.01 lakh shares changed hands through a bulk deal on the BSE. The shares were sold within a price range of Rs 624 to Rs 631.71 each, culminating in a total deal value of Rs 985.86 crore.
Impact on Docon's Stake
Following this sale, Docon's ownership in Thyrocare Technologies dropped from 60.92% to 51.02%. This latest transaction mirrors Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.
Investor Participation
The stake sale attracted a variety of institutional investors, including mutual funds and insurance companies. Major 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, alongside global investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Market Reaction
In response to the transaction, shares of Thyrocare Technologies experienced an uptick. On the NSE, the stock rose nearly 3% to Rs 621.95 per share, while on the BSE, it increased over 2% to Rs 622 per share.
The involvement of prominent institutional and global investors highlights the continued interest in the Indian diagnostics sector, with Thyrocare Technologies maintaining a significant position in the market.