API Holdings Limited has submitted an updated disclosure to stock exchanges regarding the release of pledge on 7,94,69,696 equity shares of Thyrocare Technologies .

The filing, dated September 8, 2026, serves as an update to a previous disclosure made by Docon Technologies Private Limited on August 17, 2026. Docon had pledged its entire shareholding in Thyrocare to secure obligations related to Non-Convertible Debentures (NCDs) issued by API Holdings.

Pledge Release Details

As on August 17, 2026, the entire pledge created by Docon over its 7,94,69,696 equity shares in Thyrocare was fully released. The shares were pledged in favor of Catalyst Trusteeship Limited, acting as the Debenture Trustee. There were no outstanding pledges or other encumbrances over the shares held by Docon at that time.

Amalgamation Context

The updated disclosure was filed by API Holdings following the implementation of a court-approved amalgamation scheme. The National Company Law Tribunal (NCLT), Mumbai Bench, sanctioned the merger of Docon with API on August 31, 2026. The scheme became effective on September 3, 2026, after the certified order was filed with the Registrar of Companies.

Under the scheme, all assets, liabilities, and undertakings of Docon were transferred to API. Consequently, Docon ceased to exist, and API became the successor entity. API now holds the controlling stake previously held by Docon.

Regulatory Compliance

The disclosure was made pursuant to Regulations 31(2) and 31(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. API Holdings stated that the filing is required because it is the successor to Docon, which had originally created and released the pledge.

Thyrocare Technologies promoter Docon Technologies Private Limited has released the pledge on its remaining 7,94,69,696 equity shares, marking the complete de-encumbrance of its stake in the diagnostics firm. Catalyst Trusteeship Limited, acting as Debenture Trustee for API Holdings Limited, issued the No-Dues and Release Certificate on August 19, 2026. This communication confirms the complete discharge of all obligations under the Non-Convertible Debentures (NCDs) and the related Transaction Documents. The disclosure was made to stock exchanges pursuant to Regulation 30 read with Regulation 30A and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as well as Regulations 29(2), 31(2), and 31(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

This development follows a partial pledge release of 1,75,00,000 shares reported earlier in August 2026. The current release covers the balance pledged shares, reducing the proportion of encumbered shares held by Docon from 49.93% to 0% of Thyrocare's total share capital. Docon continues to hold a total of 8,12,00,000 equity shares, representing 51.02% of the company's voting capital and 50.87% of its diluted share capital.

Encumbrance details

The shares were originally pledged as security for NCDs issued by API Holdings Limited, the holding company of Docon Technologies. The NCDs, aggregating to ₹1,700 crore, were secured by a pledge of equity shares representing 60.92% of the equity share capital of the Company held by Docon. API Holdings fully redeemed and repaid the outstanding principal amount of ₹10,500 million on August 14, 2026. This repayment was funded through internal accruals and the sale of 1,57,69,696 equity shares of Thyrocare held by Docon. With the debt extinguished, the collateral requirement for the secured lenders has been lifted entirely, and the Transaction Documents stand discharged and are no longer operative or effective.

Lender concentration

The ₹10,500 million outstanding NCD principal was held by a diversified group of lenders prior to repayment. Key holders included:

• 360 One Prime Limited: ₹4,870.25 million
• Tata Capital Limited: ₹2,843.75 million
• Bennett Coleman and Company Limited: ₹437.50 million
• Poonawalla Fincorp Limited: ₹918.75 million
• J Kumar Infra Projects Limited: ₹314.12 million

Together, 360 One Prime Limited and Tata Capital Limited accounted for over 70% of the outstanding principal amount. Other significant lenders included Micro Labs Limited, Sak Industries Private Ltd, and several tranches of Warmond Fiduciary Services Limited.

What the numbers show

The full release of the pledge signifies a complete resolution of the collateral risk associated with the promoter group’s stake. While the initial partial release in August reduced immediate encumbrance pressure, the final redemption of the ₹10,500 million NCDs eliminates the underlying debt obligation entirely. The funding structure, which involved the sale of 1,57,69,696 shares by Docon alongside internal accruals, indicates a strategic reduction in promoter holding to facilitate debt clearance. With no shares remaining encumbered, the promoter’s effective control over the unpledged portion of its stake is now maximized, removing potential constraints related to margin calls or lender-induced disposals.