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

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has executed a significant divestment by selling a 9.9% stake in the diagnostics company. The transaction, which took place on Thursday, raised approximately Rs 986 crore through a series of bulk and block deals across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Details of the Transaction

In total, Docon Technologies offloaded 1,57,69,696 equity shares. The sales involved more than 1.31 crore shares through block deals, while 10 lakh shares were exchanged via bulk deals on the NSE. Additionally, 16.01 lakh shares were sold through a bulk deal on the BSE. The shares were sold within a price range of Rs 624 to Rs 631.71 per share, culminating in a total transaction value of Rs 985.86 crore.

Impact on Shareholding and Market Reaction

Following the sale, Docon's holding in Thyrocare decreased from 60.92% to 51.02%. The stake sale attracted a diverse group of institutional investors, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and WhiteOak Capital Mutual Fund. Life insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated.

Global investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments, and the sovereign wealth fund Kuwait Investment Authority were involved through block deals on the NSE. Thyrocare Technologies' shares responded positively to the news, rising nearly 3% to Rs 621.95 apiece on the NSE and over 2% to Rs 622 on the BSE.

Previous Transactions and Market Context

This latest transaction follows a previous sale by Docon Technologies in October of the previous year, where it divested a 10% stake in Thyrocare for Rs 667 crore. The continued interest from institutional and global investors underscores the market's confidence in Thyrocare's business model and growth prospects. Despite the reduction in stake, Docon remains the majority shareholder in the company, retaining a strategic position in its operations.