India, Sept. 24 -- Update | September 24, 22:00 PM

Online pharmacy PharmEasy's parent company API Holdings Limited has raised INR 1,700 Cr ($193 Mn) via redeemable non-convertible debentures (NCDs) to redeem existing debt obligations.

To secure these financial obligations, API Holdings' subsidiary and Thyrocare's parent entity Docon Technologies pledged 3.23 Cr shares of Thyrocare to Catalyst Trusteeship Limited, the debenture trustee, as the collateral for the debt taken by API Holdings. These pledged shares represent 60.99% of Thyrocare's total share capital.

According to Thyrocare's filings, API Holdings had previously issued NCDs with a redemption value of INR 1,820 Cr, of which INR 1,545.4 Cr remained outstanding. The new issuance...