Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Thyrocare's promoter, Docon Technologies, divests nearly 10% stake, raising Rs 986 crore via NSE and BSE transactions.
In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, divested a 9.9% stake in the diagnostics firm for Rs 986 crore. The sale was executed through multiple bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
A total of 1,57,69,696 equity shares were sold, reducing Docon's holding in Thyrocare from 60.92% to 51.02%. The shares were traded at prices ranging between Rs 624 and Rs 631.71 apiece. This transaction follows a previous sale of a 10% stake by Docon in October last year for Rs 667 crore.
Investor Participation
The stake sale attracted a range of institutional investors including HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, and Aditya Birla Sun Life Mutual Fund. Insurance giants like Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated. International players such as Morgan Stanley, Citigroup Global Markets, and HBM Healthcare Investments, along with the Kuwait Investment Authority, were involved in the block deals on the NSE.
Market Reaction
Following the announcement of the stake sale, Thyrocare Technologies' shares experienced a rise, gaining nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. The transaction underscores growing interest and confidence from both domestic and international investors in the Indian diagnostics sector.