Thyrocare Promoter Docon Sells 9.9% Stake for Rs 986 Crore

Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, amounting to Rs 986 crore. This significant transaction was executed via bulk and block deals on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday.

Details of the Transaction

A total of 1,57,69,696 equity shares were offloaded in the price range of Rs 624 to Rs 631.71 per share. Specifically, over 1.31 crore shares were sold through block deals, while 10 lakh shares were traded through bulk deals on the NSE. An additional 16.01 lakh shares were sold via a bulk deal on the BSE.

Following this transaction, Docon Technologies' stake in Thyrocare has decreased from 60.92% to 51.02%. The stake sale attracted interest from various institutional investors, insurance companies, and global investors.

Investors Involved

The sale saw participation from several prominent investment entities. HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund were among the buyers. Additionally, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance participated, alongside Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority, who acquired shares through block deals on the NSE.

Market Reaction and Historical Context

In response to the stake sale, Thyrocare Technologies' shares experienced a rise, gaining nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE by Friday. This transaction follows a previous sale by Docon last October, where a 10% stake was sold for Rs 667 crore.

The sale underscores a strategic shift in Docon Technologies' investment approach within the diagnostics sector. It remains to be seen how this will impact Thyrocare's future operations and market positioning.