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

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics chain, garnering Rs 986 crore. The transaction, conducted through multiple block and bulk deals, took place on Thursday across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Significant Stake Reduction in Thyrocare

In this latest move, Docon Technologies sold a total of 1,57,69,696 equity shares. This sale reduced Docon's holding in Thyrocare from 60.92% to 51.02%. The shares were sold in the price range of Rs 624 to Rs 631.71 per share, contributing to a total transaction size of approximately Rs 985.86 crore.

Investor Participation and Market Reaction

The stake sale attracted numerous institutional and global investors. 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. Additionally, Kotak Mahindra Life Insurance Company, Tata AIA Life Insurance, Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the sovereign wealth fund Kuwait Investment Authority were involved through block deals on the NSE.

Following the transaction, Thyrocare Technologies' shares experienced an uptick, rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.

Previous Stake Sale and Market Dynamics

This recent divestment follows Docon's earlier sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. The strategic reduction in holdings by Docon indicates a continued interest from institutional investors in the Indian diagnostics sector, which has been experiencing growth and transformation.

The specifics of other buyers involved in the bulk deals remain undisclosed, yet the significant interest from mutual funds and insurance companies underscores the confidence in Thyrocare's market position and future prospects.