Shares of diagnostic and preventive care lab chain Thyrocare Technologies Ltd. surged more than 9 percent on Tuesday after reports emerged that its parent company API Holdings is planning to raise Rs 2,000-3,000 crore through a rights issue to repay its debt to Goldman Sachs.
API Holdings, which owns the brand PharmEasy, is a promoter of Thyrocare and has pledged shares of the lab chain with Goldman Sachs for a debt of around Rs 2,500 crore.
Sources with direct knowledge of the matter told CNBC-TV18 that API Holdings needs around Rs 2,500 crore immediately to pay back Goldman Sachs, to which it pledged shares of Thyrocare as collateral.
According to sources, API Holdings in an investor meeting on Monday agreed to go for a rights issue of up to Rs 3,000 crore to pay back the debt.
Also, API Holdings has approved an offer from the Manipal Group to meet the shortfall in case the online pharmacy could not raise the full amount from investors.
Sources said that the Manipal Group family office in a binding offer has proposed to infuse up to Rs 1,300 crore in the owner of the online pharmacy.
Shares of Thyrocare Technologies are trading 6 percent higher at Rs 590.90. The stock is still 3.4 percent down on a year-to-date basis.
