Thyrocare Promoter Docon Sells 9.9% Stake for Rs 986 Crore
Docon Technologies divests 9.9% stake in Thyrocare for Rs 986 crore, reducing its holding to 51.02%.
In a significant financial maneuver, Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has offloaded a 9.9% stake in the diagnostics company. The transaction, which occurred on Thursday, involved equity shares valued at Rs 986 crore.
The sale comprised a total of 1,57,69,696 equity shares, executed through multiple bulk and block deals on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Specifically, over 1.31 crore shares were sold via block deals, while additional shares were traded through bulk deals—10 lakh on the NSE and 16.01 lakh on the BSE.
Institutional Investors Show Strong Interest
This divestment saw participation from a range of institutional investors, insurance companies, and global entities. 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. Additionally, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance were among the insurance firms acquiring shares. Global investors like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority also participated through block deals on the NSE.
The shares were sold within a price range of Rs 624 to Rs 631.71 each, bringing the total transaction value to approximately Rs 985.86 crore. Following this sale, Docon's ownership in Thyrocare has decreased from 60.92% to 51.02%.
Market Reaction and Historical Context
Following the stake sale, Thyrocare Technologies' shares experienced a rise, increasing by nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE. This transaction marks another significant reduction in Docon's holdings, following a previous sale of a 10% stake in October of the prior year for Rs 667 crore.
The strategic sale underscores Docon's ongoing adjustments to its investment portfolio in Thyrocare, attracting a diverse array of investors keen on capitalizing on the diagnostics firm's market potential.