GMM Pfaudler offer for sale at Rs 3,500

MUMBAI: GMM Pfaudler, India’s largest manufacturer of glass-lined equipment, has announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500, a 33 per cent discount to its current market price of Rs 5,203. The promoters Pfaudler Inc and Urmi Patel are selling 25.71 lakh shares or 17.59 per cent of the total equity with an option to additionally sell 15.22 lakh shares (10.41 per cent). Non-retail investors can subscribe to the issue on Tuesday while the window will open for retail investors on Wednesday. Shares of GMM Pfaudler rallied 242 per cent in one year. Currently, Patel family owns 24.56 per cent stake in the company while Pfaudler Inc owns a 50.4 per cent stake.