Promoter Docon offloads 9.9 per cent stake in Thyrocare for Rs 986 crore

Representational Image. File pic.

Docon Technologies, one of the promoters of Thyrocare Technologies Ltd, has sold a 9.9 per cent stake in the diagnostics chain for Rs 986 crore through multiple bulk and block deals.

A total of 1,57,69,696 equity shares, representing a combined 9.9 per cent stake, were offloaded by Docon across the NSE and BSE on Thursday.

More than 1.31 crore shares were sold through block deals, while 10 lakh shares changed hands through bulk deals on the National Stock Exchange (NSE) and another 16.01 lakh shares of Thyrocare Technologies through a bulk deal on the BSE.

The shares were sold in the Rs 624-631.71 apiece price range, taking the total transaction size to Rs 985.86 crore.

Following the sale, Docon''s holding in the diagnostics chain dropped to 51.02 per cent from 60.92 per cent.

The stake sale drew participation from several institutional investors, insurance companies and global investors.

HSBC Mutual Fund (MF), DSP MF, ICICI Prudential MF, Aditya Birla Sun Life MF, WhiteOak Capital MF and ITI MF bought shares.

Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance also participated, along with Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman) and sovereign wealth fund Kuwait Investment Authority through block deals on the NSE.

Thyrocare Technologies' shares on Friday gained nearly 3 per cent to Rs 621.95 apiece on the NSE, and over 2 per cent to Rs 622 on the BSE following the transaction.

Details of other buyers in the bulk deals could not be ascertained on the BSE and NSE.

The latest transaction follows Docon's sale of a 10 per cent stake in Thyrocare for Rs 667 crore in October last year.

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