GMM Pfaudler Limited on Friday, has remitted USD 17.4752 million (EUR 14,664,093.31) towards subscription to the optionally convertible debentures (OCDs) to be issued by GMM International S.a.r.l. (Offshore Company).
The wholly-owned subsidiary of the company, Mavag AG (pursuant to the merger of Mavag AG into GMM Mavag AG (the holding company of Mavag AG) and change of name of the merged entity to Mavag AG) in accordance with the laws of Switzerland) has also remitted an amount equivalent to USD 9.9568 million (EUR 8,355,122.93) towards subscription to the OCDs to be issued by GMM International.
The Offshore Company will use the proceeds received from the company, Mavag AG and Millars Concrete Technologies Private Limited to complete the acquisition of the entities belonging to the Pfaudler group.
The company had informed on August 20, 2020, regarding the approval of the board of directors (Board) of the company for the acquisition of a majority stake (54%) in the entities forming part of the Pfaudler group, through GMM International S.a.r.l. (Offshore Company), a special purpose vehicle incorporated under the laws of Luxembourg, directly as well as through its wholly owned subsidiary, Mavag AG (Pfaudler Acquisition) for a total consideration of USD 27.432 million (EUR 23,019,216.20), subject to completion of certain conditions precedent; and
It further informed on October 21, 2020, regarding the creation of pledge by the Company of its shareholding in the Offshore Company in favour of certain lenders for facilities obtained by Pfaudler International S.a.r.l. (which is to be substituted by the Offshore Company) and certain entities forming part of the Pfaudler group (Pledge). The Pfaudler Acquisition and Pledge was further approved by the shareholders of the Company by way of a postal ballot resolution passed asof December 23, 2020.
Additionally, the Pfaudler Acquisition has received the necessary approvals required under the antitrust laws of Austria, Slovakia, and Germany and relevant approvals from the Federal Ministry of Economy and Energy in Germany, French Ministry of Economy in France, Committee on Foreign Investment in the United States and the Government of Italy in relation to the Pfaudler Acquisition.
GMM Pfaudler Limited ended at Rs3,788.15 per piece up by Rs89 or 2.41% on the BSE.