Patel Family Acquires 1% Stake In GMM Pfaudler For Rs 1,700 Per Share

The Patel Family -- the promoter of GMM Pfaudler -- has completed the acquisition of 1% stake in the engineering firm.

Following the acquisition, the Patel Family's shareholding stands at 25.18% and they remain the largest shareholder of the company.

"The Patel Family (through Millars Machinery Company Pvt Ltd) has completed acquisition of 1% equity stake in GMM Pfaudler Ltd from Pfaudler Inc (ultimately held by DBAG Fund VI, a private equity fund advised by Deutsche Beteiligungs AG) by way of an off-market inter-se transfer between promoters at Rs 1,700 per share," GMM Pfaudler Ltd said in a statement.

A total of 75% of the consideration is being paid upfront, while the rest will be paid on or before March 15, 2024, it said.

GMM Pfaudler Ltd delivers corrosion-resistant technologies, systems, and services worldwide.

GMM Pfaudler has 19 manufacturing locations with sales and service network and employs more than 1,800 people across four continents.