Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies offloaded a 9.9% stake in Thyrocare for Rs 986 crore, reducing its holding to 51.02%.
In a strategic financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, divested a 9.9% stake in the diagnostics company, raising Rs 986 crore through a series of bulk and block deals. The transaction was executed on Thursday across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Details of the Transaction
The sale involved 1,57,69,696 equity shares, distributed through various deals. Specifically, more than 1.31 crore shares were sold via block deals, while 10 lakh shares were transacted through bulk deals on the NSE. An additional 16.01 lakh shares were exchanged in 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.
Following this significant sale, Docon's ownership in Thyrocare Technologies has decreased from 60.92% to 51.02%.
Institutional and Global Investor Participation
The stake sale attracted considerable interest from both institutional investors and global entities. Notable 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. Insurance companies such as Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated. Additionally, global investment firms like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority were involved through block deals on the NSE.
Market Reaction
In response to the stake sale, Thyrocare Technologies' shares experienced a positive market reaction. On Friday, the shares rose nearly 3% to Rs 621.95 on the NSE and increased over 2% to Rs 622 on the BSE.
The current transaction follows a prior divestment by Docon Technologies, which sold a 10% stake in Thyrocare for Rs 667 crore in October of the previous year. Details about other buyers involved in the bulk deals remain undisclosed on both the BSE and NSE.