The debt payment has also resulted in the release of the pledge on the remaining Thyrocare shares held by Docon, it said, adding that the entire outstanding pledge linked to the debt has now been released, leaving Docon’s 51.02 percent holding in Thyrocare fully unencumbered.

Docon Technologies Private Ltd, the promoter and holding company of diagnostic chain Thyrocare has sold 1,57,69,696 Thyrocare shares, representing around 9.90 per cent of the company’s paid-up equity capital, through market trades.

Docon continues to remain promoter and holding company of Thyrocare with a 51.02 percent stake, but the development has made API Holdings, the digital healthcare platform that is the overall parent of Thyrocare debt-free after the outstanding debt of ₹1,050 crore has been repayed - funded through proceeds from the sale of a portion of its stake in Thyrocare Technologies and internal accruals, it said.

The debt payment has also resulted in the release of the pledge on the remaining Thyrocare shares held by Docon, it said, adding that the entire outstanding pledge linked to the debt has now been released, leaving Docon’s 51.02 percent holding in Thyrocare fully unencumbered.

Handsome return

Alok Kumar Jagnani, Whole-Time Director and Group Chief Financial Officer, API Holdings, said in a statement, “We’ve repaid our term debt in full, and we did it the hard way, without diluting our stake in Thyrocare below 51 per cent. 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 (profit and loss) ; just a clean base to build from.”

Siddharth Shah, Vice-Chairman, API Holdings, added, “The Thyrocare acquisition has worked out well for API. Shareholders who held on instead of tendering to our open offer at ₹433 a share in July 2021 (bonus adjusted) are sitting on ₹653 at close of trading on 14th August 2026 - dividends included. That’s a 51 percent return. NIFTY 50 gave you 41 percent. Pathology peers weren’t even close. True value for money! …..a turnaround nobody thought was possible.”

Rahul Guha, Managing Director and Chief Executive Officer, API Holdings and Thyrocare, said, “Zero debt isn’t the finish line; it’s the starting gun. This wasn’t financial engineering; it was Thyrocare’s and the group’s execution, quarter after quarter, that made it possible.”

With its term loan fully repaid and businesses moving into profitability, API Holdings enters its next phase focused on profitable growth and disciplined execution across its healthcare businesses, the company said. API Holdings includes companies like PharmEasy, Ascent and Aknamed.

Published on August 17, 2026