Docon Technologies Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests nearly 10% of its stake in Thyrocare Technologies, raising Rs 986 crore through block and bulk deals.
In a significant financial move, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, raising Rs 986 crore. The transaction was executed through several block and bulk deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Thursday.
Details of the Transaction
A total of 1,57,69,696 equity shares were offloaded, with more than 1.31 crore shares sold via block deals. Additionally, 10 lakh shares were traded through bulk deals on the NSE, and another 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 transaction value of Rs 985.86 crore.
Impact on Shareholding and Market Reaction
Following this sale, Docon's stake in Thyrocare Technologies has decreased from 60.92% to 51.02%. The stock market reacted positively to the news, with Thyrocare Technologies' shares rising nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.
Investor Participation
The stake sale attracted a diverse group of investors, including institutional and global players. 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, alongside global financial entities like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
This transaction follows a similar move by Docon last October, when it sold a 10% stake in Thyrocare for Rs 667 crore. The ongoing divestments highlight a strategic shift in Docon's investment approach, potentially reshaping the dynamics within Thyrocare Technologies.