Thyrocare promoter Docon sells 9.9% stake for ₹986 crore; shares rise 3%

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

A total of 1,57,69,696 equity shares, representing a combined 9.9% 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 ₹624-631.71 apiece price range, taking the total transaction size to ₹985.86 crore.

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

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% to ₹621.95 apiece on the NSE, and over 2% to ₹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% stake in Thyrocare for ₹667 crore in October last year.

(Except for the headline, Fortune India has not edited the content of this PTI report.)