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

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has sold a 9.9% stake in the diagnostics company, raising Rs 986 crore in the process. The transaction was executed through multiple bulk and block deals on Thursday, with shares sold across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Transaction Details and Stake Reduction

A total of 1,57,69,696 equity shares were offloaded, with a substantial portion—over 1.31 crore shares—sold through block deals. Additionally, 10 lakh shares were traded via bulk deals on the NSE, and another 16.01 lakh shares were exchanged 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.

As a result of this sale, Docon Technologies' holding in Thyrocare decreased from 60.92% to 51.02%. This move marks a significant reduction in its ownership, following a similar transaction last October when Docon sold a 10% stake for Rs 667 crore.

Investor Participation and Market Reaction

The stake sale attracted several institutional 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. Insurance firms like Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated, alongside global players such as Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.

Following the transaction, Thyrocare Technologies' shares showed positive movement in the market, gaining nearly 3% to reach Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This uptick reflects investor confidence and interest generated by the high-profile sale.

Details regarding other participants in the bulk deals remain undisclosed by both the NSE and BSE.