Norwest Venture sells 9.3% stake in Thyrocare for Rs 335 cr

Venture Capital firm Norwest Venture Partners today offloaded 9.3 per cent stake in diagnostics chain Thyrocare Technologies for an estimated over Rs 335 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 per cent stake, of Thyrocare Technologies.
The shares were sold on in a price range of Rs 670- 670.88 apiece, valuing the transaction at Rs 335.22 crore.
As of June quarter, the venture capital firm owned 50,64,880 shares amounting to 9.43 per cent stake in the diagnostics chain.

Norwest Venture Partners is a global venture capital and growth equity investment firm that manages more than USD 6 billion in capital.
Reliance MF purchased 11.3 lakh shares of Thyrocare Technologies for Rs 75.71 lakh, while Birla Sunlife MF bought 10 lakh scrips of the diagnostics chain for Rs 67 crore. The shares were picked up by them on an average price of Rs 670.
Thyrocare Technologies' stock today plunged by 4.39 per cent to close at Rs 672.55 on the BSE.