The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on September ....
THYROCARE · price
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Promoter Docon Technologies Private Limited has pledged 3,23,23,232 equity shares of Thyrocare (60.99% of total share capital) in favour of Catalyst Trusteeship Limited, acting as Debenture Trustee. The pledge secures new secured, unlisted, redeemable non-convertible debentures of up to INR 17,000 million issued by API Holdings Limited (the parent holding company of Docon). The proceeds of these new debentures were used to fully redeem API's existing debentures of INR 15,453.80 million (out of INR 18,200 million total). The overall security cover on the pledged shares is 2.3:1 (3.25:1 for Series 1 Debentures), based on a share value of INR 39,059.39 million at INR 1,208.4 per share. After this pledge, 85.84% of the promoter's 71.06% holding in Thyrocare is encumbered.
A large portion of promoter shares being pledged raises concerns about financial leverage at the parent level, though the proceeds are being used to refinance existing debt rather than for new spending. Investors should monitor for any change in pledge status or invocation, as it could signal stress at the API Holdings level.