Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% of Thyrocare for Rs 986 crore, reducing its stake to 51.02%.
In a significant financial move, Docon Technologies has divested a 9.9% stake in Thyrocare Technologies Ltd, generating proceeds of Rs 986 crore. This transaction, executed through multiple bulk and block deals, involved the sale of 1,57,69,696 equity shares across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Transaction Details and Stake Reduction
The shares were sold within a price range of Rs 624 to Rs 631.71 each, culminating in a total transaction size of Rs 985.86 crore. Following the sale, Docon Technologies' holding in the diagnostics company decreased from 60.92% to 51.02%.
Of the total shares sold, over 1.31 crore were disposed of through block deals, while 10 lakh shares were transacted via bulk deals on the NSE. An additional 16.01 lakh shares were sold through a bulk deal on the BSE.
Investor Participation
The stake sale saw participation from a range of institutional investors. Among the buyers were prominent mutual funds such as 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 Company and Tata AIA Life Insurance also acquired shares. Furthermore, global investors including Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments, and the sovereign wealth fund Kuwait Investment Authority took part in the block deals on the NSE.
Market Reaction and Historical Context
Following the transaction, shares of Thyrocare Technologies experienced a rise, gaining nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This stake sale is part of a broader trend, as Docon Technologies had previously sold a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.
While details of additional buyers involved in the bulk deals remain undisclosed, the transaction underscores the continued interest and investment in India's diagnostics sector by both domestic and international players.