The promoter of GMM Pfaudler Ltd is likely to sell a 29.88 percent stake, approximately 1.34 crore shares, via a block deal on December 16, sources privy to the development told CNBC-TV18.

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The floor price has been fixed at Rs 1,700 per share, at an 11.6 percent discount from the current market price (CMP), 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.

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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.