Thyrocare's Promoter Docon Sells 9.9% Stake for Rs 986 Crore
Docon Technologies has reduced its stake in Thyrocare by selling 9.9% for Rs 986 crore, involving multiple investors.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9 percent stake in the diagnostics company, amassing Rs 986 crore through a series of bulk and block deals on Thursday. The transactions were executed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Details of the Stake Sale
The sale involved a total of 1,57,69,696 equity shares, translating to a 9.9 percent stake in Thyrocare. Of these, over 1.31 crore shares were sold via block deals, while 10 lakh shares were transacted through bulk deals on the NSE. An additional 16.01 lakh shares were exchanged through a bulk deal on the BSE. The shares were sold in a price range of Rs 624 to Rs 631.71 each, resulting in a transaction value of Rs 985.86 crore.
Impact on Shareholding and Market Response
Following this significant sale, Docon Technologies' ownership in Thyrocare has decreased from 60.92 percent to 51.02 percent. The stake sale attracted a diverse group of investors, including institutional investors, insurance companies, and global investment entities. Notable participants in the block deals on the NSE included HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, ITI Mutual Fund, as well as Kotak Mahindra Life Insurance Company, Tata AIA Life Insurance, Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
In response to the transaction, Thyrocare Technologies' shares saw an uptick, gaining nearly 3 percent to close at Rs 621.95 on the NSE and over 2 percent to Rs 622 on the BSE by Friday. This stake sale follows Docon's previous divestment of a 10 percent stake in Thyrocare for Rs 667 crore in October of the previous year.
Market Implications and Investor Interest
The latest sale underscores a continued interest from both domestic and international investors in India's diagnostics sector. The involvement of a range of mutual funds and global investors highlights the sector’s attractiveness amid growing healthcare demands. While specific details of additional buyers in the bulk deals on both exchanges remain undisclosed, the participation of prominent financial entities signals confidence in Thyrocare's market potential.