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

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has sold a substantial 9.9% stake in the diagnostics company for a total of Rs 986 crore. This transaction took place through several bulk and block deals conducted on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.

Details of the Share Sale

The offloaded shares amounted to 1,57,69,696 equity shares, with more than 1.31 crore shares sold via block deals. Additionally, 10 lakh shares were exchanged through bulk deals on the NSE, and another 16.01 lakh shares on the BSE. The share prices ranged from Rs 624 to Rs 631.71 each, culminating in a transaction value of Rs 985.86 crore.

Following this sale, Docon's ownership in Thyrocare decreased from 60.92% to 51.02%, marking a significant shift in the company's shareholding pattern.

Institutional Investor Participation

The stake sale attracted attention from various institutional investors, insurance companies, and global investment entities. 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. Additionally, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated, alongside international players such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

Market Reaction and Previous Transactions

Following the transaction, Thyrocare Technologies' shares experienced a positive response in the market. On Friday, the shares increased by nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.

This substantial divestment follows a previous transaction by Docon Technologies in October of the prior year, where it sold a 10% stake in Thyrocare for Rs 667 crore.

The identity of other buyers in the bulk deals remains undisclosed on both the NSE and BSE platforms.