Docon Sells 9.9% Thyrocare Stake for ₹986 Cr; Shares Gain
Docon Sells 9.9% Thyrocare Stake for ₹986 Crore; Shares Rise 3%
Key Highlights
Docon Technologies divests 9.9% of Thyrocare for ₹986 crore via bulk deals. Thyrocare shares rose nearly 3% following the transaction. Learn more.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, completed the sale of a 9.9% stake in the diagnostics chain, fetching ₹986 crore through a series of bulk and block deals executed on Thursday.
This significant transaction involved the divestment of 1,57,69,696 equity shares across both the (NSE) and (BSE), with shares trading in a price range of ₹624 to ₹631.71 apiece.
Key Transaction Figures
- Stake Sold: 9.9%
- Total Value: ₹986 crore
- Shares Divested: 1,57,69,696
- Sale : ₹624 to ₹631.71 per share
- Docon’s Ownership Post-Sale: Reduced from 60.92% to 51.02%
The stake sale garnered substantial interest from various institutional investors, reflecting confidence in Thyrocare’s market position.
Participating Institutional Investors
- HSBC Mutual Fund
- DSP Mutual Fund
- ICICI Prudential Mutual Fund
- Aditya Birla Sun Life Mutual Fund
- WhiteOak Capital Mutual Fund
- ITI Mutual Fund
- Kotak Mahindra Life Insurance Company
- Tata AIA Life Insurance
- Morgan Stanley
- Citigroup Global Markets
- HBM Healthcare Investments (Cayman)
- Kuwait Investment Authority
Following the transaction, Thyrocare Technologies’ shares experienced positive momentum on Friday. The stock advanced nearly 3% on the NSE to close at ₹621.95 and gained over 2% on the BSE, reaching ₹622.
This latest divestment by Docon Technologies mirrors a previous move in October of the previous year, when the promoter sold a 10% stake in Thyrocare for ₹667 crore.