Thyrocare promoter Docon offloads 9.9% stake for ₹986 crore
The shares were sold in the ₹624-631.71 apiece price range, taking the total transaction size to ₹985.86 crore
Docon Technologies, one of Thyrocare Technologies Ltd's promoters, recently sold a significant 9.9% stake in the diagnostics chain for ₹986 crore. This sale took place through multiple bulk and block deals on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Thursday. A staggering 1,57,69,696 equity shares, accounting for the 9.9% stake, were offloaded across the exchanges.
Over 1.31 crore shares were sold via block deals, while 10 lakh shares transacted through bulk deals on the NSE, and another 16.01 lakh shares through a bulk deal on the BSE. The shares traded within the ₹624-631.71 price range, resulting in a total transaction value of ₹985.86 crore. As a consequence of this sale, Docon's stake in Thyrocare dropped from 60.92% to 51.02%.
The stake sale attracted participation from various institutional investors, insurance companies, and global investors. Notable buyers included HSBC Mutual Fund, DSP MF, ICICI Prudential MF, Aditya Birla Sun Life MF, WhiteOak Capital MF, and ITI MF, along with Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance. Additionally, Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority participated through block deals on the NSE.
Following the transaction, Thyrocare Technologies shares saw a notable increase, gaining nearly 3% on the NSE to ₹621.95 apiece and over 2% on the BSE to ₹622. This follows Docon's earlier sale of a 10% stake in Thyrocare for ₹667 crore in October last year.
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