PremiumPfaudler Inc, a promoter of listed company GMM Pfaudler Ltd, will sell a majority of its stake in the company in a block deal that will fetch the shareholder Rs2,278 crore, as per deal terms seen by Mint.
Pfaudler Inc is selling 1.34 crore shares of the company, representing 29.88% stake in the company at a floor price of Rs1,700 apiece, which is a 11.67% discount to the company's closing price on Thursday.
Pfaudler Inc held a 31.88% stake in the company as of 30 September, as per stock exchange data. Total promoter stake will fall to 26.18% from 56.06% currently. Other promoter shareholders hold a 24.18% stake in the company.
Axis Capital is the sole broker to the block trade.
GMM Pfaudler is a technologies, systems and services provider for the chemical and pharmaceutical industries, as well as many others. It designs, manufactures, instals and services corrosion-resistant equipment and complete chemical process systems.
On Thursday, shares of GMM Pfaudler osed trading at Rs1,930.70 apiece, down 1.11%, on the BSE.