Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests a 9.9% stake in Thyrocare, raising Rs 986 crore through NSE and BSE transactions.
In a significant financial maneuver, Docon Technologies, a prominent promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company, generating Rs 986 crore. The transaction was executed through a series of bulk and block deals across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
Docon offloaded a total of 1,57,69,696 equity shares, with over 1.31 crore shares sold through block deals and 10 lakh shares via bulk deals on the NSE. An additional 16.01 lakh shares were traded as part of a bulk deal on the BSE. The shares were sold within a price range of Rs 624 to Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.
As a result of this sale, Docon's holding in Thyrocare Technologies has decreased from 60.92% to 51.02%. The latest stake sale attracted a variety of institutional and global investors, including 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, along with Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Impact on Thyrocare's Market Performance
The market responded positively to the transaction, with Thyrocare Technologies' shares appreciating nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE on the following day. This recent sale follows Docon's previous divestment in October last year, where it sold a 10% stake in Thyrocare for Rs 667 crore.
While the specifics of other buyers involved in the bulk deals remain undisclosed, the participation of major institutional investors highlights the continuing interest in India's diagnostic sector. This move by Docon Technologies is seen as part of a broader strategy to recalibrate its investment portfolio in the healthcare industry.