Sebi lets GMR transfer ownership to 5 trusts

As part of the family arrangement8230; it has been proposed to transfer the shares of G Mallikarjuna Rao and G Varalakshmi in GHPL to GVMR Trust,SBR Trust,GBSRSS Trust,GKKR Trust and the GMR Family Fund Trust. The proposed transfer of shares would be by way of gift to the aforesaid Trusts, said an order by Sebi.

With this transfer,the ownership in GHPL will shift from GM Rao 99.99 per cent and G Varalakshmi 0.003 per cent to four trusts that hold 25 per cent each. Apart from G Mallikarjuna Rao and G Varalakshmi,other family members are also trustees of the trusts.

In a related development,Kiran Kumar Grandhi,38,the youngest son of GM Rao has been appointed corporate chairman of GHPL. Grandhi will be responsible for corporate strategy,finance,and the sports businesses. GM Rao continues to be group chairman.