Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% of its stake in Thyrocare, raising Rs 986 crore through bulk and block deals on NSE and BSE.
In a significant transaction within the diagnostics sector, Docon Technologies, a promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the company for Rs 986 crore. The sale was executed through multiple bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.
Details of the Stake Sale
A total of 1,57,69,696 equity shares were offloaded, representing the 9.9% stake. The shares were sold within a price range of Rs 624 to Rs 631.71 apiece. The transaction included the sale of over 1.31 crore shares through block deals and 10 lakh shares through bulk deals on the NSE. Additionally, another 16.01 lakh shares were sold via a bulk deal on the BSE.
Impact on Docon's Holdings
Following this transaction, Docon Technologies' holding in Thyrocare has decreased from 60.92% to 51.02%. The sale attracted interest from several prominent institutional investors, insurance companies, and global investors. Among the buyers were 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 and Tata AIA Life Insurance also participated, alongside global entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Market Reaction and Historical Context
Following the announcement, Thyrocare Technologies' shares saw an uptick, gaining nearly 3% on the NSE to close at Rs 621.95 and over 2% on the BSE to Rs 622. This recent divestment follows Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.
The transaction highlights ongoing investor interest in the healthcare diagnostics sector, which has been witnessing robust activity post-pandemic as companies and investors adjust to evolving market dynamics.