Thyrocare Technologies' share price gained 5 percent on June 20 after 29.11 lakh shares, representing 5.5 percent equity in the diagnostics company, changed hands on the BSE. The average price of the deal was Rs 488 per share.
At 2 pm, the stock was quoting at Rs 509.35, up 6.6 percent from the previous close. Trading volumes at 981,463 were seven times the 20-day average trading volumes.
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The deal comes two weeks after the company met with Artisan Partners and Grandeur Peak Global Fund.
As of March 2023, Docon Technologies, the parent company of Pharmeasy, held a 71 percent stake in the company. A key foreign institutional investor is Arisaig Asia Fund Limited with a 6.1 percent stake. Among mutual funds, Nippon India Small Cap Fund has the biggest piece of 6.42 percent.
All of the promoter shareholding is pledged with lenders.
Thyrocare's margins have fallen considerably over the past year due to de-growth in the high-margin COVID-related business. In March 2023 quarter, operating margins fell below the 20 percent level to 18.24 percent.
In Q4, the diagnostic firm's net profit came in at Rs 13.71 crore, down by 36 percent year-on-year. “Profit after Tax was lower due to non-cash items of ESOPs and provision for receivables," said the company in a statement.
In 2021, PharmEasy acquired a 66.1 percent stake in Thyrocare for Rs 4,546 crore in what was one of the biggest deals in the Indian diagnostic sector. US-based Neuberger Berman has reduced the fair value of Pharmeasy to $4.39 billion.
Prior to that, the online medicine delivery platform was valued at $5.6 billion after it attempted to go public in 2021 but later withdrew its proposal.
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