Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies has reduced its holding in Thyrocare by selling a 9.9% stake, fetching Rs 986 crore.
Docon Technologies, a promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, generating Rs 986 crore through bulk and block deals on Indian stock exchanges. The sale involved a total of 1,57,69,696 equity shares across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
The shares were sold in the price range of Rs 624 to Rs 631.71 per share, amounting to a total transaction value of Rs 985.86 crore. More than 1.31 crore shares were offloaded through block deals, while an additional 10 lakh shares were sold via bulk deals on the NSE. The BSE saw 16.01 lakh shares exchanged in a bulk deal.
Following this transaction, Docon Technologies' stake in Thyrocare has decreased from 60.92% to 51.02%. The sale attracted interest from a variety of institutional investors, insurance companies, and global investors.
Key Buyers and Market Reaction
Prominent 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 such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated. Additionally, financial heavyweights like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority were involved through block deals on the NSE.
In response to the stake sale, shares of Thyrocare Technologies saw an uptick, rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE the following day.
Previous Stake Sales
This latest transaction comes on the heels of Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. This pattern of stake reduction suggests a strategic realignment by Docon Technologies regarding its investment in the diagnostics sector.
While details of other buyers involved in the bulk deals remain undisclosed, the transaction highlights the strong market interest in Thyrocare Technologies, a key player in the diagnostics industry.