Diagnostics company Thyrocare Technologies Ltd is likely to see a block deal involving around 1.5 crore shares, with the transaction size estimated at about ₹1,000 crore at the floor price. The deal is likely to be executed in the block window, with the floor price set at a discount of up to 3% to the stock’s closing price.
The indicative floor price is ₹630-631 per share. The identity of the seller has not been disclosed. Back in December last year, Thyrocare Technologies is positioning itself for its next phase of growth by expanding into new testing categories and tapping into rising demand for preventive health checks.
Rahul Guha, MD and CEO of Thyrocare Technologies, said, “We were the first to launch the GLP-1, so Thyrocare is always known to be at the front runner. I definitely believe there is a huge opportunity.”He said the package was launched only about three weeks ago and the company has not yet begun full-scale promotion.
He is confident that as more people use weight-loss drugs and experience the benefits, they will also understand the need for a holistic approach and the importance of supporting the medication with proper diagnostic testing. Preventive healthcare could become a larger growth driver if the proposed labour regulations mandating health checks for employees above 40 come into effect.
He expects most employers to adopt the guideline once finalised, offering long-term benefit to diagnostic companies. On the financial side, Thyrocare is working toward reducing promoter-level debt and lowering the pledged shareholding. Currently, 61% of the promoter holding is pledged, but Guha explained that this is more than what is required and is mainly due to a cautious approach.
The company has already taken steps by selling a 10% stake earlier this year to repay part of the loan. While no further Thyrocare stake sale is planned, the group will monetise other assets to bring debt down. Shares of Thyrocare Technologies Ltd ended at ₹649.20, up by ₹27.60, or 4.44%, on the BSE.