Now Reading: Thyrocare promoter Docon sells 9.9% stake for Rs 986 crore
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Thyrocare promoter Docon sells 9.9% stake for Rs 986 crore
Docon Technologies, a promoter of Thyrocare Technologies, has sold a 9.9 per cent stake in the diagnostics chain for Rs 986 crore through block and bulk deals on the NSE and BSE.…
The Story in Brief
Docon Technologies, a promoter of Thyrocare Technologies, has sold a 9.9 per cent stake in the diagnostics chain for Rs 986 crore through block and bulk deals on the NSE and BSE. A total of 1.57 crore shares were offloaded in the Rs 624-631.71 price range. Following the sale, Docon's holding fell to 51.02 per cent from 60.92 per cent.
Buyers included HSBC Mutual Fund, DSP MF, ICICI Prudential MF, Morgan Stanley, Citigroup Global Markets, and the Kuwait Investment Authority. Thyrocare shares rose nearly 3 per cent on Friday. The deal comes after Docon sold a 10 per cent stake for Rs 667 crore in October last year.
The Indian Opinion
The second large stake sale by Thyrocare's promoter in under a year will revive chatter about a potential full exit. Yet the buyers list reads like a who's who of domestic mutual funds and global investors, not a single acquirer. That suggests the market sees value in the diagnostics chain at current levels, not a fire sale. The real test will be whether Docon pares its holding further in the coming quarters, or if the new institutional weight stabilises the stock.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
