Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies, a promoter of Thyrocare, sold a 9.9% stake for Rs 986 crore through bulk and block deals.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, raising Rs 986 crore. The transaction occurred on Thursday via a series of bulk and block deals across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Details of the Transaction
The sale involved a total of 1,57,69,696 equity shares. Over 1.31 crore shares were sold through block deals, while an additional 10 lakh shares were exchanged via bulk deals on the NSE. On the BSE, 16.01 lakh shares changed hands through a bulk deal. The shares were sold within a price range of Rs 624 to Rs 631.71 per share, culminating in a total transaction value of Rs 985.86 crore.
Impact on Shareholding and Market Reaction
Following this sale, Docon Technologies' stake in Thyrocare has decreased from 60.92% to 51.02%. The transaction attracted interest from several institutional investors, including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, and Aditya Birla Sun Life Mutual Fund. Insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance, along with global investors like Morgan Stanley and Citigroup Global Markets, participated in the block deals on the NSE.
In response to the stake sale, Thyrocare Technologies' shares saw a modest increase. On Friday, the share price rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.
Historical Context and Investor Participation
This recent transaction follows a similar move by Docon last October, when it sold a 10% stake in Thyrocare for Rs 667 crore. The consistent interest from institutional investors highlights the significant value perceived in Thyrocare's business model and market position.
The latest sale underscores a growing trend among promoters to leverage the vibrant Indian stock market, attracting both domestic and international investors keen on the healthcare sector's potential. Details of other participants in the bulk deals remain undisclosed on both the BSE and NSE.