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Norwest Venture sells 9.3% stake in Thyrocare for Rs335 crore

LiveMint logoLiveMint 28-08-2017 PTI

New Delhi: Venture capital firm Norwest Venture Partners on Monday offloaded 9.3% stake in diagnostics chain Thyrocare Technologies for an estimated over Rs335 crore through open market transactions.

The shares were picked by Reliance Mutual Fund and Birla Sunlife Mutual Fund, among others. According to bulk deal data available with BSE, Norwest Venture Partners VII-A-Mauritius offloaded a total of 50 lakh shares, or 9.30% stake, of Thyrocare Technologies.

The shares were sold on in a price range of Rs670- 670.88 apiece, valuing the transaction at Rs335.22 crore.

As of June quarter, the venture capital firm owned 50,64,880 shares amounting to 9.43% stake in the diagnostics chain. Norwest Venture Partners is a global venture capital and growth equity investment firm that manages more than $6 billion in capital.

Reliance MF purchased 11.3 lakh shares of Thyrocare Technologies for Rs75.71 lakh, while Birla Sunlife MF bought 10 lakh scrips of the diagnostics chain for Rs67 crore. The shares were picked up by them on an average price of Rs670.

Thyrocare Technologies’ stock on Monday plunged by 4.39% to close at Rs672.55 on the BSE.

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