Thyrocare Bulk Deal: Promoter Offloads Stake Worth Rs 667 Crore
Docon Technologies, one of the promoters of Thyrocare Technologies, on Friday divested a 10% stake in the diagnostics chain for Rs 667 crore through an open market transaction.
According to the bulk deal data on the National Stock Exchange (NSE), Docon Technologies offloaded a little over 53.32 lakh shares, or 10.06% stake, in the company.
Transaction Details
The transaction was valued at around Rs 667.69 crore and was executed at an average price of Rs 1,252.03 apiece.
After the stake sale, Docon Technologies’ holding in Thyrocare Technologies has come down to 61% from 71.06%.
Buyers of Thyrocare Technologies Shares
Meanwhile, ICICI Prudential Mutual Fund (MF), Aditya Birla Sun Life MF, HDFC MF, HSBC MF, Eastspring Investments collectively purchased 42.11 lakh shares, or 7.95% stake, at an average price of Rs 1,252 per share.
Eastspring Investments is an arm of British multinational Prudential.
This took the deal value to Rs 527.23 crore.
Details of the other buyers of Thyrocare Technologies shares could not be ascertained on the NSE.
Impact on Promoter Shareholding
"Following this transaction, Docon continues to be a promoter of the company. Post this transaction, the promoter shareholding in the company stands reduced to 60.93 per cent from the pre-transaction shareholding of 70.98 per cent," Thyrocare Technologies said in an exchange filing.
Stock Price Movement
Shares of Thyrocare Technologies rose 1.99% to close at Rs 1,269.70 apiece on the NSE.
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