India, Aug. 17 -- PharmEasy parent API Holdings claims to have become debt free, after repaying Rs.1,050 Cr in outstanding debt by selling a portion of its stake in Thyrocare Technologies and internal accruals.

Thyrocare promoter Docon Technologies sold 1.58 Mn Thyrocare shares, representing around 9.90% of the company's paid-up equity share capital, via open market trades. Following the sale, Docon continues to hold 51.02% stake.

API Holdings redeemed and repaid the NCDs on August 14. The shares had been pledged by Docon in favour of Catalyst Trusteeship, the debenture trustee, as security for API Holdings' obligations.

"We've repaid our term debt in full, and we did it the hard way, without diluting our stake in Thyrocare below 51%. ...