GMR Power pledges 89.1 crore shares to secure NCDs
GMR Power & Urban Infra Limited and promoter GMR Estate Management Private Limited pledged 89,12,17,516 shares to Vistra ITCL (India) Limited on June 11, 2026, to secure unrated NCDs. The funds are for promoter use, with a security cover ratio of 0.79.
*this image is generated using AI for illustrative purposes only.
GMR Power & Urban Infra Limited and its promoter GMR Estate Management Private Limited have collectively pledged 89,12,17,516 equity shares to Vistra ITCL (India) Limited to secure the issue of Non-Convertible Debentures (NCDs). The encumbrance was created on June 11, 2026, and disclosed to the stock exchanges under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Vistra acted in its capacity as the Debenture Trustee and Security Trustee for the transaction.
The disclosure details two distinct pledge transactions. GMR Estate Management Private Limited, a promoter, pledged 1,04,19,987 shares, representing 13.34% of the total share capital. Separately, the listed entity pledged 78,10,17,529 shares. The total promoter shareholding in the company is 36,14,26,826 shares, with the encumbered shares accounting for 46.28% of this holding and 72.13% of the promoter's total stake.
The debt instruments secured by these shares are unrated, unlisted, redeemable, and non-convertible debentures issued by GMR Estate Management Private Limited. The value of the encumbered shares on the date of the event was ₹11,00,03,92,628 against an involved amount of ₹14,00,00,00,000, resulting in a coverage ratio of 0.79. The funds raised are for personal use by the promoters and PACs, not for the benefit of the listed company.
Shareholding and Pledge Details
| Description | Number of Shares | % of Share Capital |
|---|---|---|
| Promoter Pledge | ||
| Shares pledged by GMR Estate Management | 1,04,19,987 | 13.34% |
| Company Pledge | ||
| Shares pledged by GMR Power & Urban Infra | 78,10,17,529 | 100.00% |
| Total Encumbrance | ||
| Total shares pledged | 89,12,17,516 | 113.34%* |
*Note: The percentage exceeds 100% due to the aggregation of promoter and company shares relative to the total share capital.
The pledged shares are listed on NSE, BSE Limited, and MSEI. Ravi Majeti authorized the disclosure, which was filed on June 15, 2026.
Historical Stock Returns for GMR Power & Urban Infra
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.33% | -1.22% | -6.02% | -5.44% | -15.80% | +117.19% |
How will the high coverage ratio of 0.79 impact the margin call risk if GMR Power's stock price declines?
What are the potential implications for GMR Power's credit rating given the significant encumbrance of its equity shares?
Could the diversion of funds for promoter personal use trigger regulatory scrutiny or shareholder activism?
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