The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Catalyst Trusteeship Ltd
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Catalyst Trusteeship Ltd, acting as debenture trustee, has disclosed a fresh encumbrance over 12 crore equity shares (15.36% of paid-up capital) of GMR Power and Urban Infra Ltd under SEBI SAST Regulation 29(1). These same shares were originally pledged in January 2025 by GMR Estate Management Pvt Ltd to secure Rs 1,000 crore of debentures issued by GMR Sports Venture Pvt Ltd. Now, on February 26, 2026, an additional Rs 350 crore of secured non-convertible debentures have been raised, and the same 12 crore shares have been additionally encumbered via a contractual pledge (constructive delivery) in favour of the existing trustee on behalf of the new debenture holders. Importantly, no new shares have been pledged in the depository system — the same pool of shares now secures both the old and new debt, effectively reducing the security cover ratio.
No change in actual ownership or promoter shareholding — the shares remain with the same pledgor. However, layering additional debt on the same pledged collateral weakens the asset cover and signals increased leverage by the GMR group. Shareholders should monitor the group's overall debt levels and refinancing capacity, as a thinner security cushion raises risk if share prices fall.