Docon pledges Thyrocare stake for new API Holdings debt

Docon Technologies Private Limited, a promoter of Thyrocare Technologies Limited, has pledged 32,323,232 equity shares of Thyrocare, representing 60.99% of its total share capital. This pledge was made in favor of Catalyst Trusteeship Limited, acting as debenture trustee, to secure new debentures issued by API Holdings Limited, Thyrocare's ultimate holding company.

The new debentures, totaling a nominal value of up to INR 1,700 crore, were issued to redeem existing secured, unlisted, redeemable non-convertible debentures with an outstanding redemption value of INR 1,820 crore and a nominal value of INR 1,545.38 crore. The pledge was created on September 17, 2025, with Docon retaining voting rights on the encumbered shares.

Prior to this action, Docon held 37,656,092 shares, representing 71.06% of Thyrocare's total voting capital. Following the pledge, the total shares carrying voting rights remain at 71.06%, with 60.99% now encumbered.