API Holdings Limited, the parent company of PharmEasy, has fully repaid and redeemed its Series 2 Non-Convertible Debentures (NCDs) worth ₹500 crore on October 28, 2025. This significant financial move, however, has not altered the existing share pledge arrangement involving Thyrocare Technologies Limited .

Unchanged Pledge Status

Despite the redemption of the Series 2 NCDs, there is no change in the number of encumbered shares of Thyrocare Technologies Limited held by Docon Technologies Private Limited, a subsidiary of API Holdings. Docon continues to maintain a pledge on 3,23,23,232 shares of Thyrocare, representing 60.93% of the total share capital.

Pledge Details

The pledged shares remain under the custody of Catalyst Trusteeship Limited, which acts as the Debenture Trustee. This pledge was initially created as security for corporate guarantees extended by Docon to secure API Holdings' obligations related to facilities availed through the issuance of unlisted, unrated, secured, redeemable non-convertible debentures.

Remaining Debentures

While the Series 2 NCDs have been fully redeemed, it's noteworthy that Series 1 Debentures with an aggregate nominal value of up to ₹12,000 million remain outstanding. These debentures are held by multiple investors, including:

Several other institutional and individual investors also hold portions of these debentures.

Implications

The redemption of the Series 2 NCDs by API Holdings demonstrates the company's ability to meet its debt obligations. However, the unchanged status of the Thyrocare share pledge indicates that the company continues to utilize these shares as collateral for its remaining financial commitments.

This development comes as part of API Holdings' ongoing financial management strategies, balancing debt repayment with maintaining necessary securities for its outstanding obligations. The company's actions suggest a focus on debt reduction while retaining the flexibility provided by the pledged Thyrocare shares for its continuing operations and financial needs.

Thyrocare Technologies has reported a significant reduction in stake by its promoter, Docon Technologies Private Limited. Docon Technologies, a wholly owned subsidiary of API Holdings Limited, sold 53,32,860 equity shares, representing approximately 10% of Thyrocare's total paid-up share capital, on October 24, 2025.

Transaction Details

Impact on Shareholding

Despite this substantial reduction in shareholding, Docon Technologies continues to maintain its status as a promoter and holding company of Thyrocare Technologies Limited.

Regulatory Compliance

In adherence to regulatory requirements, this transaction was duly disclosed to the stock exchanges - BSE Limited and National Stock Exchange of India Limited. Such disclosures are crucial for maintaining transparency in the market and keeping investors informed about significant changes in shareholding patterns of listed companies.

While the specific reasons for the stake reduction have not been disclosed, this move by Docon Technologies could be part of a larger strategy or in response to market conditions. As Docon Technologies remains a significant shareholder and continues its role as a promoter, this change in shareholding structure may not necessarily indicate a fundamental shift in Thyrocare's operations or management. Nevertheless, it represents a notable change in the ownership composition of the company.