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

In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company for approximately Rs 986 crore. The transaction was executed through a series of bulk and block deals conducted 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 sold, with more than 1.31 crore shares offloaded through block deals and an additional 26.01 lakh shares through bulk deals. The sale price of the shares ranged between Rs 624 and Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.

Following this stake sale, Docon's holding in Thyrocare Technologies has decreased from 60.92% to 51.02%, marking a significant reduction in its ownership.

Institutional and Global Investor Participation

The stake sale attracted considerable interest from institutional investors, including mutual funds such as HSBC MF, DSP MF, ICICI Prudential MF, Aditya Birla Sun Life MF, WhiteOak Capital MF, and ITI MF. Insurance companies like Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated, alongside global investors such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

This transaction follows Docon's previous sale of a 10% stake in Thyrocare Technologies for Rs 667 crore in October of the previous year, indicating a strategic move to recalibrate its investment in the diagnostics firm.

Market Reaction and Share Performance

Thyrocare Technologies' shares responded positively to the news, with a nearly 3% increase on the NSE to Rs 621.95 and over a 2% rise on the BSE to Rs 622 following the announcement of the sale.

The details of other buyers involved in the bulk deals on the BSE and NSE remain undisclosed. The transaction underscores the continued investor interest in the healthcare diagnostics sector, which has been witnessing steady growth.