New Delhi: Pfaudler Inc. has sold 60,94,817 equity shares representing 13.56% of equity share capital of Gmm Pfaudler via block deals, the glass-lined equipment manufacturer, said in a stock exchange filing on Friday.
“Pfaudler, Inc. (Pfaudler) has sold 13.56% of the securities held by it in the company (share sale). On completion of the share sale, the shareholding of Pfaudler in the company is now at 1%,” GMM Pfaudler said in the filing.
Pfaudler Inc. is held by private equity fund DBAG Fund VI.
“Our 8-year-long association with GMM Pfaudler has been defined by shared values, strategic alignment, and an unwavering commitment to growth. We are immensely proud of what we have achieved together. We wish GMM Pfaudler all the best for the future,” said Tom Alzin, spokesperson of the board of management of DBAG.
About 9.90% of equity share capital, representing 44,50,765 equity shares, has been bought by Geranium Investments Ltd., Atreides Investments B.V., and Infinity Partners – funds controlled by ChrysCapital.
Geranium will hold 8.25% stake, of the 9.9% acquired, while Atreides will have a 0.92% of equity share capital. Infinity will have the remaining 0.73% stake.
A 3.7% equity stake in the company was purchased by other unnamed investors.
“I want to express my gratitude to DBAG for their support and guidance over the years. The end of one journey also marks the beginning of another exciting journey for GMM Pfaudler. The investment by a marquee investor like ChrysCapital represents a powerful endorsement of GMM Pfaudler’s track record and our commitment to building a world-class institution,” said Tarak Patel, managing director, GMM Pfaudler.
The Patel family remains the largest shareholder of the company, and has reiterated its commitment to purchase the remaining 1% equity stake from DBAG Fund VI at ₹1,700 apiece, as agreed in December 2022, subject to regulatory approvals, the company added.
As a result of Pfaudler’s shareholding falling below 10% in the company, two of the company’s non-executive directors – Malte Woweries and Harsh Gupta have resigned.
Shares of GMM Pfaudler tanked over 11% in early deals today to hit a 52-week low at ₹1,350 on the BSE following reports of the bulk deal. The stock later recouped losses and traded around 2% lower.
Updated: 18 Aug 2023, 02:43 PM IST
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