Thyrocare promoter entity secures new debt, pledges shares

API Holdings Limited, the ultimate holding company of Thyrocare Technologies Limited, plans to issue secured, unlisted, redeemable non-convertible debentures up to INR 1700,00,00,000. These funds will fully redeem existing debentures with an outstanding nominal value of INR 1,545.38 crore.

In connection with this, Docon Technologies Private Limited, a Thyrocare promoter and related party holding 71.06% of Thyrocare's equity, will create a pledge over a maximum of 61% of Thyrocare's equity share capital. This pledge secures the new debentures and replaces an earlier pledge on Docon’s entire shareholding that secured the existing debentures.

The execution of the transaction documents, including a Debenture Trust Deed dated September 11, 2025, will lead to a reduction in pledged securities from 71.06% to a maximum of 61%. While the agreements do not directly impact Thyrocare's management or control, a potential impact on shareholding and control could arise if the pledge is enforced due to an event of default.