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

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested 9.9% of its stake in the diagnostics chain, generating Rs 986 crore. This transaction occurred through multiple bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.

The sale involved 1,57,69,696 equity shares, with over 1.31 crore shares offloaded via block deals and 10 lakh shares through bulk deals on the NSE. An additional 16.01 lakh shares were sold through a bulk deal on the BSE. The shares were priced between Rs 624 and Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.

Impact on Docon's Holdings

Following this sale, Docon Technologies' ownership in Thyrocare Technologies has reduced from 60.92% to 51.02%. The stake sale attracted a diverse group of investors, including several institutional and global investors. Notable participants included HSBC Mutual Fund (MF), DSP MF, ICICI Prudential MF, Aditya Birla Sun Life MF, WhiteOak Capital MF, and ITI MF. Additionally, Kotak Mahindra Life Insurance Company, Tata AIA Life Insurance, Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority were involved through block deals on the NSE.

Market Reaction

Following the announcement of the stake sale, Thyrocare Technologies' shares saw an uptick. On Friday, shares rose by nearly 3% to Rs 621.95 on the NSE and increased over 2% to Rs 622 on the BSE. The details of other buyers involved in the bulk deals were not immediately available from the exchanges.

This recent transaction follows a previous sale by Docon Technologies, which disposed of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. The series of stake sales indicates a strategic realignment by Docon in its investment in Thyrocare.