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

In a significant financial move, Docon Technologies, a promoter of Thyrocare Technologies Ltd, has divested 9.9% of its stake in the diagnostics company for Rs 986 crore. The transaction took place on Thursday through various bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Details of the Transaction

A total of 1,57,69,696 equity shares were sold, with over 1.31 crore shares exchanged via block deals and 10 lakh shares through bulk deals on the NSE. Additionally, 16.01 lakh shares were traded 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 transaction value of Rs 985.86 crore.

Following this sale, Docon Technologies' ownership in Thyrocare has decreased from 60.92% to 51.02%. This move attracted a variety of institutional and global 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 like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated, alongside notable global entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

Market Reaction and Historical Context

In the wake of the transaction, Thyrocare Technologies' stock prices saw an uptick, gaining nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This stake sale follows Docon's previous divestment of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.

The recent deal underscores a continued reshaping of the ownership structure within Thyrocare, reflecting broader investor interest in the diagnostics sector. The specifics of other buyers involved in the bulk deals on the BSE and NSE remain undisclosed.