Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests a 9.9% stake in Thyrocare, raising Rs 986 crore through NSE and BSE transactions.
In a significant financial maneuver, Docon Technologies, a promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostic services provider. The transactions, amounting to Rs 986 crore, were executed through both bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Stake Sale
The sale involved a total of 1,57,69,696 equity shares. More than 1.31 crore shares were sold via block deals, while 10 lakh shares were exchanged through bulk deals on the NSE. Additionally, 16.01 lakh shares were traded through a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, contributing to the total transaction value of Rs 985.86 crore.
Impact on Docon's Holdings
Following this stake sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%. The sale attracted a diverse group of buyers, including institutional investors, insurance companies, and global investors. Notable participants included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and WhiteOak Capital Mutual Fund.
Institutional and Global Participation
Insurance companies such as Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also partook in the buying, along with global entities like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority. These transactions were primarily conducted through block deals on the NSE.
Market Reaction
In the aftermath of the sale, Thyrocare Technologies' stock saw a boost, with shares climbing nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This transaction follows Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the preceding year.