India, Sept. 16 -- API Holdings, the parent company of PharmEasy, is planning to raise INR 1,700 Cr (about $193 Mn) via redeemable non-convertible debentures (NCDs) by pledging the shares of its listed diagnostic company Thyrocare.

According to an exchange filing, API Holdings will use the fresh funds to clear the earlier debt which it raised via NCDs. The PharmEasy parent had earlier issued NCDs with total outstanding redemption value of INR 1,820 Cr, of which the current outstanding is INR 1,545.4 Cr.

The previous NCDs were issued by pledging the entire 71.06% stake held by Docon Technologies Pvt Ltd in Thyrocare. Docon is a promoter of Thyrocare, while API Holdings is its ultimate holding company.

Following the release of the previo...