API Holdings is debt-free, repays Rs 1,050 Cr

Digital healthcare conglomerate API Holdings has achieved a significant milestone by becoming debt-free, having repaid an outstanding Rs 1,050 crore. This achievement was made possible through the sale of a portion of its stake in Thyrocare Technologies and internal accruals. Docon Technologies Private Limited, the parent company of Thyrocare, sold 1,57,69,696 shares, accounting for approximately 9.90% of its paid-up equity share capital, through market trades.

This sale enabled API Holdings to release the pledge on the remaining Thyrocare shares, leaving Docon's holding in Thyrocare fully unencumbered at 51.02%.

Alok Kumar Jagnani, Whole-Time Director and Group CFO at API Holdings, emphasized that the company has repaid its term debt without diluting its stake in Thyrocare below 51%. This repayment demonstrates a capital allocation philosophy that values growth and discipline equally. With all businesses in the API Holdings group set to become profitable, there is no longer any drag on the profit and loss statement, providing a clean base for future growth.

Siddharth Shah, Vice Chairman of API Holdings, noted that shareholders who held on to their shares instead of participating in the open offer in July 2021 at Rs 433 per share (adjusted for bonuses) are now sitting on Rs 653 per share, including dividends. This represents a 51% return on investment, highlighting the positive outcome of the Thyrocare acquisition. API Holdings is now poised to enter a new phase focused on profitable growth, disciplined execution, and long-term value creation across its healthcare businesses.