Docon Sells 9.9% Thyrocare Stake for ₹986 Cr; Shares Gain
By Business Desk
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 National Stock Exchange (NSE) and Bombay Stock Exchange (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 Price Range: ₹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.