Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies has reduced its stake in Thyrocare Technologies by 9.9%, raising Rs 986 crore through stock exchanges.
Docon Technologies, a major stakeholder in Thyrocare Technologies Ltd, has divested a significant portion of its shares, amounting to a 9.9% stake in the diagnostics firm. The transaction, executed through both bulk and block deals, raised Rs 986 crore. This development was reported on Thursday as shares were traded across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Details of the Stake Sale
A total of 1,57,69,696 equity shares were sold, with more than 1.31 crore shares transacted via block deals. Additionally, 10 lakh shares were exchanged through bulk deals on the NSE, while another 16.01 lakh shares were sold through a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, bringing the total deal value to approximately Rs 985.86 crore.
Impact on Docon's Holdings
Following this sale, Docon Technologies' ownership in Thyrocare has decreased from 60.92% to 51.02%. The stake sale attracted interest from a variety of institutional investors, insurance firms, and global investment entities. 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.
Insurance giants such as Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated in the purchase, alongside global players like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority, all through block deals on the NSE.
Market Reaction and Previous Transactions
Post-transaction, Thyrocare Technologies' stock witnessed a rise, gaining nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This sale follows a previous divestment by Docon Technologies in October of the previous year, when a 10% stake was sold for Rs 667 crore.
The strategic offloading by Docon signifies a continued shift in its investment strategy concerning Thyrocare, allowing for increased participation from institutional investors in the diagnostics company.