Thyrocare Technologies Limited, a prominent player in the Indian diagnostics sector, has witnessed a significant change in its shareholding structure. Vistra ITCL (India) Limited, acting as the Debenture Trustee, has released its pledge on a substantial portion of Thyrocare's equity shares.

Pledge Release Details

On September 16, 2025, Vistra ITCL (India) Limited released its pledge on 3,76,56,092 equity shares of Thyrocare Technologies Limited. This block of shares represents 71.06% of Thyrocare's total voting capital. The release of this pledge has resulted in Vistra's encumbered shareholding in Thyrocare reducing to nil.

Impact on Shareholding

The pledge release affects a considerable portion of Thyrocare's equity. The company's total equity share capital stands at 5,29,94,447 shares, each with a face value of Rs. 10. This move potentially signals a shift in the company's financial arrangements or obligations.

Regulatory Compliance

In compliance with the Securities and Exchange Board of India (SEBI) regulations, specifically Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Vistra ITCL (India) Limited filed a disclosure regarding this transaction. The disclosure, dated September 18, 2025, provides detailed information about the pledge release.

Market Implications

Thyrocare Technologies' shares are listed on both the BSE Limited and the National Stock Exchange of India Limited. This significant change in pledged shares may attract investor attention and could potentially impact the stock's performance in the coming trading sessions.

About Vistra ITCL

Vistra ITCL (India) Limited, the entity releasing the pledge, operates as a Debenture Trustee. It's worth noting that while Vistra acted in its capacity as a trustee, the primary responsibility for complying with SEBI regulations lies with the lender or debenture holder, not the trustee itself.

This development marks a notable change in Thyrocare's shareholding pattern and may have implications for the company's financial structure and market perception. Investors and market analysts will likely be watching closely for any further developments or statements from the company regarding this significant pledge release.

Thyrocare Technologies Limited has disclosed that its ultimate holding company, API Holdings Limited, is set to issue new secured, unlisted, redeemable non-convertible debentures worth INR 1,700.00 crore. This move aims to redeem existing debentures valued at INR 1,545.38 crore, according to a recent disclosure by Thyrocare Technologies to the stock exchanges.

Key Details of the Transaction

• New Debenture Issue: API Holdings to issue debentures worth INR 1,700.00 crore
• Purpose: To redeem existing debentures valued at INR 1,545.38 crore
• Security Arrangement: Docon Technologies Private Limited to pledge up to 61% of Thyrocare's equity shares

Transaction Specifics

The transaction documents were executed on September 11, involving several parties:

1. API Holdings Limited
2. Docon Technologies Private Limited
3. AHWSPL India Private Limited
4. Catalyst Trusteeship Limited

Docon Technologies, which currently holds 71.06% of Thyrocare's equity shares, will create a pledge over a maximum of 61% of Thyrocare's equity shares as security for the new debentures. This pledge will be determined at the time of creation and will be subject to compliance with applicable laws and necessary disclosures.

Impact on Thyrocare Technologies

While the agreements do not directly impact Thyrocare's current management or control, there could be potential implications on direct control if the pledge is enforced upon an event of default. It's important to note that Docon's entire current shareholding was previously pledged for the existing debentures and will be released upon their redemption.

Key Agreements

The transaction involves several key agreements, including:

1. Debenture Trust Deed
2. Debenture Trustee Agreement
3. Deed of Hypothecation
4. Share Pledge Agreements
5. Deeds of Guarantee

Disclosure and Compliance

Thyrocare Technologies Limited received intimation of this development on September 15 and promptly disclosed the information to the stock exchanges in compliance with SEBI regulations. The company has provided detailed disclosures as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This financial restructuring by API Holdings demonstrates its strategy to manage its debt obligations while maintaining a significant stake in Thyrocare Technologies through its subsidiary, Docon Technologies.