API Holdings Limited, the parent company of PharmEasy, has fully redeemed its Series 2 Non-Convertible Debentures (NCDs) worth ₹500 crore as of October 28, 2025, marking another step toward debt reduction. However, the share pledge arrangement involving Thyrocare Technologies Limited remains intact.
Pledge on Thyrocare Shares Unchanged
Despite the full repayment of Series 2 NCDs, Docon Technologies Private Limited—a subsidiary of API Holdings—continues to maintain a pledge on 3,23,23,232 shares of Thyrocare, representing 60.93% of the company’s total share capital.
The pledged shares remain under the custody of Catalyst Trusteeship Limited, which serves as the Debenture Trustee. This security arrangement was originally created against corporate guarantees issued by Docon to back API Holdings’ borrowing facilities through the issuance of unlisted, unrated, secured, redeemable NCDs.
Remaining Debentures Outstanding
While the Series 2 debentures have been fully redeemed, Series 1 NCDs with an aggregate nominal value of up to ₹12,000 million continue to remain outstanding. These are held by a mix of institutional and private investors, including:
| Investor | Holding (₹ Million) |
| 360 ONE PRIME LIMITED | 3,921.00 |
| MICRO LABS LIMITED | 2,068.00 |
| 360 ONE REAL ASSETS ADVANTAGE FUND | 1,330.00 |
| 360 ONE COMMERCIAL YIELD FUND | 900.00 |
| MVS VENTURES PRIVATE LIMITED | 737.00 |
| Other institutional and individual investors | Remaining balance |
Financial Context
The redemption of ₹500 crore NCDs reflects API Holdings’ ongoing efforts to deleverage and improve its balance sheet ahead of potential fundraising or restructuring initiatives. The company has been strategically focusing on streamlining debt while maintaining control over its key subsidiary, Thyrocare Technologies, through the continued share pledge.
Summary
API Holdings has redeemed ₹500 crore worth of Series 2 NCDs, signaling financial prudence and a step toward debt optimization. However, the pledge on 60.93% of Thyrocare shares remains unchanged, with Series 1 NCDs worth ₹12,000 million still outstanding. The pledged shares continue to be held by Catalyst Trusteeship Limited on behalf of the debenture holders.
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