Patel Family Acquires 1% Stake in GMM Pfaudler for Rs 1,700/Share

New Delhi, Dec 13 (PTI) The Patel Family -- the promoter of GMM Pfaudler -- has completed the acquisition of one per cent stake in the engineering firm.

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

"The Patel Family (through Millars Machinery Company Pvt Ltd) has completed acquisition of 1 per cent 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 per cent 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.