Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies has reduced its stake in Thyrocare Technologies by 9.9%, generating Rs 986 crore through bulk and block deals.
New Delhi: Docon Technologies, a prominent promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics firm, raising Rs 986 crore through a series of bulk and block deals. This transaction occurred on Thursday across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), involving the sale of 1,57,69,696 equity shares.
Details of the Stake Sale
The shares were sold at prices ranging from Rs 624 to Rs 631.71 each, resulting in a total transaction value of Rs 985.86 crore. The sale involved more than 1.31 crore shares through block deals, while 10 lakh shares were traded via bulk deals on the NSE, and an additional 16.01 lakh shares were sold through a bulk deal on the BSE.
Following this sale, Docon Technologies' ownership in Thyrocare has decreased from 60.92% to 51.02%. The transaction attracted interest from several institutional 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 such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance, along with global investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority, also participated in the block deals on the NSE.
Market Reaction and Historical Context
In the aftermath of the stake sale, Thyrocare Technologies' shares experienced an uptick, with prices rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This latest transaction follows Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year, indicating a continued strategic reshuffling of its holdings in the company.
The stake reduction by Docon Technologies is part of a broader strategy to refine its investment portfolio, leveraging the robust demand from institutional investors for stakes in established healthcare firms. The successful execution of the sale reflects the confidence of global and domestic investors in the growth prospects of Thyrocare Technologies, a leader in the diagnostics sector.
While details of other buyers in the bulk deals on the BSE and NSE remain undisclosed, the significant participation from prominent mutual funds and international investors underscores the attractiveness of Thyrocare's market position.