The Patel family, who promotes the engineering firm GMM Pfaudler, is expected to strategically acquire an extra 1% of the business. Now, the family will hold a 25.18% share in the business.
4.49 lakh equity shares from Pfaudler Inc. are being purchased as part of the deal, which has a value of ₹1,700 per share. One of the main companies in the promoter group, Millars Machinery, is handling the transaction.
Back in 2022, the Patel family made a deal to buy the extra 1% from Pfaudler Inc. for ₹1,700 per share through an inter-se promoter transfer, pending regulatory approvals.
The single-largest shareholder in GMM Pfaudler Ltd., a manufacturer of engineering products, is the Patel family. The Patel family owned a 24.18% stake, or 1.08 crore equity shares, in GMM Pfaudler Ltd as of the September quarter of FY23, while GMM Pfaudler Inc (DBAG) held a 31.88% stake, or 1.43 crore shares.
GMM Pfaudler is an Industrial Engineering company which manufactures engineering equipment and glass-lined equipment for the global chemical and pharmaceutical markets. It provides the chemical and pharmaceutical industries with corrosion-resistant technologies, systems, and services globally. GMM Pfaudler employs more than 1,800 people on four continents and has 16 manufacturing locations along with a network of sales and service locations.