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

Docon Technologies, a promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company for Rs 986 crore. The sale was executed through multiple bulk and block deals on Thursday, significantly altering the ownership dynamics of the firm.

Details of the Transaction

A total of 1,57,69,696 equity shares were sold by Docon, which previously held a 60.92% stake in Thyrocare. The transaction, conducted across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), has reduced Docon's holding to 51.02%. The shares were traded within a price range of Rs 624 to Rs 631.71 each.

More than 1.31 crore shares were sold through block deals, while 10 lakh shares were exchanged via bulk deals on the NSE. Additionally, 16.01 lakh shares were traded through a bulk deal on the BSE.

Investor Participation

The stake sale drew significant interest from a variety of investors. Institutional investors such as HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund acquired shares. Insurance companies Kotak Mahindra Life Insurance and Tata AIA Life Insurance also participated.

Furthermore, global investment entities including Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the sovereign wealth fund Kuwait Investment Authority were involved through block deals on the NSE.

Market Reaction

Following the transaction, Thyrocare Technologies' shares saw an uptick. On Friday, the share price increased nearly 3% to Rs 621.95 on the NSE and rose over 2% to Rs 622 on the BSE.

This latest divestment follows a previous sale by Docon, who offloaded a 10% stake in Thyrocare for Rs 667 crore in October last year. The ongoing adjustments in ownership suggest a strategic reevaluation by Docon, aligning with broader market trends and investor interests.