Docon Technologies, the promoter entity and subsidiary of API Holdings, sold 1.31 crore Thyrocare shares, representing 8.9% of the company, for approximately ₹821.7 crore at ₹624 per share. It also separately sold another 10 lakh shares for ₹63.17 crore.
The shares were acquired by 14 domestic and global institutional investors, including HSBC Mutual Fund, Kotak Mahindra Life Insurance, Citigroup, Morgan Stanley, WhiteOak Capital MF, DSP MF and Kuwait Investment Authority. HSBC MF was the largest buyer, acquiring a 1.88% stake.
The transaction reduces Docon/API Holdings' holding in Thyrocare from 60.92%, helping unlock significant liquidity for the parent group. API Holdings had previously used its Thyrocare stake as part of its balance-sheet deleveraging strategy.
Thyrocare's institutional investor base receiving additional exposure is a positive signal for the company's fundamental and long-term growth story, although the stake sale itself led to short-term selling pressure, with the stock falling 5.75% to ₹606 amid heavy volumes.
