GMM Pfaudler promoter sells 17.3 pc stake for Rs 1,324 cr

The promoter of engineering firm GMM Pfaudler on Friday divested 17.3 per cent stake in the company for Rs 1,324 crore through open market transactions.

Pfaudler Inc offloaded a total of 77,85,819 shares on both BSE and NSE, amounting to 17.32 per cent stake in the company, as per bulk deal data available with the National Stock Exchange (NSE) and BSE.

The shares were sold in the range of Rs 1,700.14 - Rs 1,702.87 apiece on NSE and BSE, taking the transaction value to Rs 1,323.97 crore.

Post the transaction, the shareholding of Pfaudler Inc will reduce to 14.56 per cent from 31.88 per cent and the total promoter shareholding will fall from 56.06 per cent to 38.74 per cent in the company, as per shareholding data with the exchanges.

The buyers included Plutus Wealth Management, Integrated Core Strategies (Asia) Pte, Aditya Birla Sun Life Mutual Fund, among others.

On Friday, shares of GMM Pfaudler closed 15.21 per cent lower at Rs 1,632 per scrip on NSE and Rs 1,643.65 per piece on BSE.

GMM Pfaudler is a leading supplier of engineered equipment and systems to chemical and pharmaceutical sectors.