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.

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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.

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The Patel family is the single-largest shareholder in engineering products manufacturer GMM Pfaudler Ltd. As of the September quarter in FY23, the Patel family had held a 24.18% stake, 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.

(Edited by : Shoma Bhattacharjee)

First Published:Nov 13, 2023 6:42 PM IST