GMM Pfaudler pays Rs173.37 crore for acquisition of balance 46% stake in GMM International; stock up by ~2%

26 Mar 2024 , 03:14 PM

GMM Pfaudler Limited informed that in regard to the proposed acquisition of the balance 46% shareholding of its existing overseas subsidiary, GMM International S.à.r.l. from Pfaudler International S.à.r.l., and Millars Concrete Technologies Private Limited, the company has paid the consideration.

GMM Pfaudler has completed the payment of Rs149.46 crore to Pfaudler International S.à.r.l., and Rs23.91 crore to Millars Concrete Technologies Private Limited.

Following this acquisition, GMM Pfaudler’s stake in GMM International will increase to 100%.

The company also stated that the Board of Directors, on September 29, 2022, approved the allotment of 11,04,724 fully paid-up equity shares. These shares are having face value of Rs2 each, at a price of Rs1,542.43 each to Millars Concrete Technologies Private Limited.

Consequent to the allotment, the company’s paid-up share capital will increase to Rs8.92 crore, comprising 4,49,57,224 shares.

At around 12.25 PM, GMM Pfaudler was trading at Rs1,912.25 per piece, up by 1.94% from its previous closing of Rs1,875.80 on the BSE. The scrip touched intraday high and low of Rs1,918.20 and Rs1,882.40 respectively.

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