Recommended Articles
View All
Budget 2023: Aiming to establish India as skill capital of the world
Feb 3, 2023 IST5 Min(s) Read
Budget 2023: New Income Tax slab — A tectonic shift indeed in favour of the middle class
Feb 3, 2023 IST4 Min(s) Read
Budget 2023: Taking a bold step to unlock India’s potential
Feb 2, 2023 IST2 Min(s) Read
Budget 2023: Moving closer towards universal health through proper implementation is key
Feb 2, 2023 IST3 Min(s) Read
Shares of GMM Pfaudler fell as much as 15 percent in trade on Friday after 74 lakh shares or 16 percent of the company's total equity exchanged hands in multiple large deals, according to stock exchange data.
Buyers and sellers of the large deals remain unclear as of now. The deals took place at an average price of Rs 1,705 per share.
The floor price was fixed at Rs 1,700 per share, an 11.6 percent discount from the closing price on Thursday, according to multiple people familiar with the development. Axis Capital Ltd is the broker of the deal.
After the block deal, the promoter's holding will decline to 26.18 percent from 56.06 percent, sources told CNBC-TV18.
GMM Pfaudler is a leading supplier of engineered equipment and systems to chemical and pharma markets. The company employs over 1,500 across its 14 manufacturing facilities on four continents.
Its branded product lines cover a broad portfolio that includes fluoropolymers, filtration & drying, engineered column systems, lab & process glass, sealing technology and glass-lined & alloy systems. The company runs 14 manufacturing facilities across four continents.
GMM Pfaudler will pay 7 million euros for the buyout which would be funded through internal accruals and debt. An additional payment of 5,00,000 euros is subject to certain performance milestones of Mixel.
Shares of GMM Pfaudler are trading 14.5 percent lower at Rs 1,640.85.