Mumbai: Thyrocare’s parent company, API Holdings announced that it has become debt-free after repaying its outstanding debt of Rs 1050 crore.
The repayment was funded from the recent sale of a portion of its stake in Thyrocare Technologies and internal accruals, the company said.
Thyrocare’s holding company, Docon Technologies Private Limited sold 1,57,69,696 Thyrocare shares, representing approximately 9.90% of the company’s paid-up equity share capital, through market trade.
After the sale, Docon’s stake in the diagnostics firm stands at 51.02 per cent, allowing it to remain its promoter and holding company.
API added that with the repayment, the pledge on Docon’s remaining Thyrocare shares has been released, leaving its entire 51.02 per cent holding in the diagnostics firm fully unencumbered.
Alok Kumar Jagnani, Whole-Time Director and Group CFO, API Holdings, said, “We’ve repaid our term debt in full, and we did it the hard way, without diluting our stake in Thyrocare below 51%. That’s the real headline: a stronger balance sheet without giving up our ownership.”
“It reflects a capital allocation philosophy where growth and discipline aren’t traded off against each other. With every business in the group soon profitable, there’s no drag left on the P&L ; just a clean base to build from,” he added.
