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 ....
GMRP&UI · price
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On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 0.9 pts less than its Power Generation peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoter entity GMR Estate Management Private Limited has disclosed that 77.19% of its shareholding in GMR Power and Urban Infra (46.28% of total share capital, ~36.14 crore shares) is currently encumbered via pledge. The specific event is an extension of an existing pledge on 12 crore shares (15.36% of total capital) in favour of Catalyst Trusteeship Limited for the benefit of GMR Sports Venture Private Limited, against secured unrated, unlisted, non-convertible debentures. The pledged shares are valued at roughly INR 1,463.64 crore against a facility of INR 1,350 crore (security cover ratio of 1.08x), up from an earlier limit of INR 1,000 crore. No new shares have been pledged; the additional facility modifies the existing security cover. The end use of funds is classified as 'personal use by promoters and PACs' and not for the benefit of the listed company.
With over 77% of promoter holdings pledged, there is limited cushion against any sharp fall in share price, raising risk of margin calls or pledge invocation. Since promoter holding is already below 50%, any significant invocation could trigger open offer obligations under SAST and create overhang on the stock.