Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies offloads a 9.9% stake in Thyrocare Technologies, garnering Rs 986 crore through stock exchanges.
Docon Technologies, a major promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company for Rs 986 crore. This significant transaction was executed through bulk and block deals across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
The offloading involved a total of 1,57,69,696 equity shares. Specifically, over 1.31 crore shares were traded through block deals, while 10 lakh shares were exchanged via bulk deals on the NSE. An additional 16.01 lakh shares changed hands through 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.
Impact on Shareholding
Following the sale, Docon's ownership in Thyrocare Technologies decreased from 60.92% to 51.02%. The stake sale attracted interest from a variety of institutional investors, insurance companies, and global investors. Notable participants 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 were involved, along with international entities such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Market Reaction
In the wake of this transaction, Thyrocare Technologies' shares saw an uptick. On Friday, shares rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. The market's positive response highlights investor confidence in the company's future prospects despite the dilution of Docon's stake.
Previous Stake Sale
This latest divestment follows a similar move by Docon Technologies in October of the previous year, where it sold a 10% stake in Thyrocare for Rs 667 crore. These transactions reflect a strategic realignment by Docon, potentially aimed at optimizing its investment portfolio or reallocating capital for other ventures.