A block deal worth around Rs 1,000 crore is set to take place in Thyrocare Technologies, with 1,57,69,696 shares offered at a floor price that is up to 3% below the stock's previous close.
Thyrocare shares closed 4% higher at Rs 649.35 on Tuesday, extending gains for the third consecutive trading session. The stock has risen 44% over the past 12 months.
Block Deal Details
The proposed transaction covers 1,57,69,696 shares, amounting to around Rs 1,000 crore at the floor price.
The shares are being offered at a discount of up to 3% to Tuesday's closing price of Rs 649.35.
Stock Gains, Valuation In Focus
Thyrocare has gained for three consecutive sessions and has risen 44% over the past year.
The stock's relative strength index stood at 73.77, indicating that it was in overbought territory.
All seven analysts tracked by Bloomberg have a buy rating on the stock. However, the Bloomberg-tracked analyst consensus target price of Rs 653.43 is less than 1% above the price at which the stock last traded.
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