Patel family to acquire additional 1% stake in GMM Pfaudler from Pfaudler Inc at ₹1,700 per share

In a strategic transfer, the Patel family, promoter of engineering firm GMM Pfaudler, is set to acquire an additional 1% stake in the company.

The family will now own 25.18% stake in the company.

The deal, valued at ₹1,700 per share, involves the purchase of 4.49 lakh equity shares from Pfaudler Inc. The transaction is being done through Millars Machinery, a key entity within the promoter group.

The Patel family had entered into an arrangement back in 2022 to purchase this additional 1% from Pfaudler Inc at ₹1,700 per share, subject to regulatory approvals, through an inter-se promoter transfer.

The Patel family is the single-largest shareholder in engineering products manufacturer GMM Pfaudler Ltd. As of the September quarter in FY23, or 1.08 crore equity shares, in GMM Pfaudler Ltd, while GMM Pfaudler Inc (DBAG) held a 31.88% stake, amounting to 1.43 crore shares.

GMM Pfaudler delivers corrosion-resistant technologies, systems, and services worldwide to chemical and pharmaceutical industries. It has 16 manufacturing locations with a sales and service network and employs more than 1,800 people across four continents.

Shares of GMM Pfaudler Ltd ended at ₹1,679, down by ₹32.75, or 1.91%, on the BSE.

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