Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies reduces its stake in Thyrocare by 9.9%, fetching Rs 986 crore through bulk and block deals.
Docon Technologies, a significant promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics chain, raising Rs 986 crore through a series of bulk and block transactions. The sale took place on Thursday across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Details of the Share Sale
The transaction involved a total of 1,57,69,696 equity shares. Of these, more than 1.31 crore shares were offloaded via block deals, while an additional 10 lakh shares were sold through bulk deals on the NSE. The BSE saw another 16.01 lakh shares change hands in a bulk deal. The shares were sold at a price range of Rs 624 to Rs 631.71 each, culminating in a total transaction value of Rs 985.86 crore.
Impact on Docon's Holdings
Following this significant sale, Docon Technologies' ownership in Thyrocare has decreased from 60.92% to 51.02%. The stake reduction attracted interest from various institutional investors, insurance companies, and global investors. 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 firms such as Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated, along with international entities like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Market Reaction and Historical Context
In response to the transaction, Thyrocare Technologies' shares saw an uptick, with prices rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE on Friday. This move comes after Docon's previous sale of a 10% stake in Thyrocare for Rs 667 crore in October of the previous year.
While the transaction has reshaped Docon's investment in Thyrocare, it remains a majority stakeholder with over half of the company's shares. The involvement of high-profile institutional investors underscores the continued interest and confidence in Thyrocare's business prospects within the diagnostics sector.