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

Docon Technologies, a promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, generating Rs 986 crore. The transaction was executed through a series of bulk and block deals on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.

Details of the Stake Sale

The sale involved 1,57,69,696 equity shares priced between Rs 624 and Rs 631.71 each. Of these, more than 1.31 crore shares were sold through block deals, while 10 lakh shares were traded via bulk deals on the NSE. An additional 16.01 lakh shares were offloaded in a bulk deal on the BSE.

Post-sale, Docon Technologies' ownership in Thyrocare decreased from 60.92% to 51.02%. The transaction attracted interest from several institutional investors, insurance firms, and global investment entities.

Investor Participation

Prominent buyers included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund. Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated, alongside international investors such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

The sale follows a previous transaction in October last year, when Docon Technologies sold a 10% stake in Thyrocare for Rs 667 crore.

Impact on Thyrocare's Market Performance

Following the announcement of the stake sale, Thyrocare Technologies' shares rose by nearly 3% to Rs 621.95 on the NSE and increased over 2% to Rs 622 on the BSE on Friday. The financial markets responded positively, reflecting investor confidence in the company's prospects despite the change in promoter shareholding.

The specifics of other buyers involved in the bulk deals remain undisclosed on both the NSE and BSE platforms.