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 firm, generating Rs 986 crore. The sale was executed through multiple bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.

Details of the Transaction

The transaction involved the offloading of 1,57,69,696 equity shares. Of these, more than 1.31 crore shares were sold via block deals, while 10 lakh shares were exchanged through bulk deals on the NSE. An additional 16.01 lakh shares were traded through bulk deals on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, culminating in a transaction value of Rs 985.86 crore.

Impact on Docon's Holdings

Following the sale, Docon's ownership in Thyrocare decreased from 60.92% to 51.02%. The stake sale attracted significant interest from institutional investors, insurance firms, and global investors. 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. Insurance companies like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated, alongside global entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

Market Reaction

In response to the transaction, Thyrocare Technologies' shares experienced a gain of nearly 3% on the NSE, closing at Rs 621.95, and over 2% on the BSE, reaching Rs 622. This reflects investor confidence following the strategic reshuffling of shares.

Previous Stake Sales

This recent transaction follows a similar move last year when Docon sold a 10% stake in Thyrocare for Rs 667 crore in October. The ongoing adjustments in Docon's stake suggest a strategic realignment within the company.