The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on March ....
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Promoter GMR Enterprises Private Limited has filed disclosure of reasons for pledging shares of GMR Power and Urban Infra Ltd, with two new encumbrances created on 27-Mar-2025 totalling 2.5 crore shares (about 3.5% of total share capital) in favour of STCI Finance Ltd (an NBFC). Encumbered shares now stand at 75.36% of promoter shareholding, which is well above the 50% threshold and also exceeds 20% of total share capital. The borrowed amounts of roughly ₹161 crore and ₹108 crore are stated to be for personal use by promoters and partly for the benefit of the listed company. The filing notes that these figures are net of share releases that happened on March 12 and March 13, 2025.
A pledge level of 75% of promoter holdings is high and signals significant leverage at the promoter level, which can be a concern for retail investors if share prices fall sharply, as it raises the risk of forced selling. However, the disclosure of releases alongside fresh pledges and stated use partly for the company's benefit provides some reassurance that the promoter is actively managing the position.