GMM Pfaudler, a manufacturer of glass-lined equipment, has set its sights on acquisitions of $5-6 million. This significant business manoeuvre is anticipated to be officially unveiled within the coming 3-4 weeks. Tarak Patel, the Managing Director of the company, shared insights with CNBC-TV18, hinting at the impending announcement.

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“End of this month, early next month we should have an update. It's the last acquisition that we have kind of planned, which completes our mixing strategy and that's something we will come out with more information in the next few weeks,” Patel said.

He said that upon the successful completion of these acquisitions, the company will attain a worldwide presence. This move aligns with the strategy to enter a high-growth market with advanced technological offerings, promising substantial profits.

Pfaudler Inc. divested 13.56 percent of its equity in GMM Pfaudler through well-orchestrated block deals. This strategic shift was disclosed in an official filing with the exchange. The transaction saw Pfaudler Inc. efficiently offloading 60.94 lakh shares via a series of block deals.

During the previous divestment in December 2022, GMM Pfaudler had an agreement, as part of that trade, had recommitted to buy 1 percent at Rs 1,700 per share. As a promoter that is the most important thing so they will go out and buy the 1 percent at Rs 1,700 per share.

Patel said, “It is going to happen sometime in September, we were just waiting for some regulatory approvals from the French government. As soon as we get that the Rs 1,700 per share trade for that 1 percent will happen. The promoter will increase, so our family will increase the stake to 25.2 percent odd so yes that is planned and will go ahead shortly."

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The stock was trading at Rs 1492.85 on the NSE, lower by 1.04 percent. It has gained over 2 percent in the last one month.

First Published:Aug 21, 2023 1:56 PM IST